IMO, this will make the phone somewhat like a Samsung phone. Sammy is notorious for their lack of updates. It primarily revolves around security updates. Essential phones, as time goes on, will become more vulnerable from a security point of view. I think the phones themselves will continue to perform as well as they have in the past. I don't really see any strong reason right now to change phones. How many phones out there come with Android 10? To me, going to almost any other phone right now would be a step backward or at best a lateral move.
My comments are based on the fact I won't spend $1000 give or take, for a new phone.