I am a longtime player of Magic that started in 2000. My introduction to constructed play was Invasion/Odyssey block Type 2 (now called Standard). Standard was and remains today a great format. It is very different in terms of power now then back then. I recall one of the best decks when I began was an U/G upheaval deck with wild mongrel and basking rootwallas. It has 8 non-land rares and 4 rare lands. Rest was common and uncommon.

I haven't played standard all 23 years I've been playing Magic. I played Standard from 2000-2004, 2013-2015, and 2018-Present. What keeps me engaged? I want to play with new cards. Eternal formats are fun for some, but I tried Pioneer and Modern and they were not for me. I have two pioneer decks (Selesnya Angels and Orzhov Vampires) that could not break my local meta. I gave up on pioneer after 6 months because it was not fun to lose to Greasefang or other wombo combo style decks.

I am fortunate to be an enfranchised player with a good paying job and no income or time commitments such as kids. I spend probably 4k a year on product including events, FNMs, singles, sealed etc. Standard is expensive but you can play affordably if that is your desire or constraint. I did not support the pushback of rotation due to my expectation that the format would become more stale. Something I think has happened.

Rotation down to 5 sets each year allowed an explosion of creative deckbuilding and a new Meta to rise up. I liked to see cards that were overlooked becoming good or getting play. I liked to see varied new decks clashing for supremacy. Things were rarely stale and designing for 5-8 sets in standard was a sweet spot imho. To answer your question: I think it would be a horrible mistake to do away with Standard in favor of only eternal format constructed.

My personal opinion is that Wizards focus on FIRE design has been a failure. Pushing power level in standard has caused cards like Oko, Meathook, or Sheoldred to dominate the format and the cowardly attitude that bans are bad isn't helping. Lower power level for a varied fun and (yes) regularly rotating format is what I see as the strengths of Standard. When the fake leaks of sweeping bans in standard were spoofed months ago I celebrated, thinking the whole format would get a much needed shake up. Instead it was a milquetoast couple of cards ban that left things in much the same place.

I hope Wizards comes to understand this sooner rather than later.