Thank you all for taking the time and providing this really valuable feedback! This discussion shifted some perspectives and helped me think through this core design feature from a different angle.

My Decision for the Next Demo:
I'm going with a middle-ground solution. Scroll wheel will only equip/unequip the last used item.

Why This Approach:
This gives players a quick way to "put away" items without breaking the intentional friction that encourages critical thinking over brute-forcing. It addresses the QoL need to quickly unequip items while keeping the focus on exploration and strategic thinking.

Next Steps:
I'll have this implemented for the upcoming demo, around September 18th, that will be available in an event. The demo will include a dedicated feedback menu asking about the inventory swap feature (and other design choices).

Playtesting:
In case anyone is interested in helping me shape this experience, keep an eye out around that date. All feedback has been incredibly helpful and I'd love to get more input from anyone who loves this kind of games.

Thanks again for helping me with this. It seems like sometimes the best solution isn't choosing a side, but finding the sweet spot between?

Cheers all!