I'm seeing Project Server Subscription edition as an option that a. Microsoft provides/suggests and b. organisations are considering. Whilst I appreciate that as a migration option it potentially makes sense regarding continuity I can't see that it really makes business sense at all if it can be avoided. This is an On-prem solution that has seen no ongoing solution development functionality-wise for years. It requires a skillset to install and manage (or an outsourced partner) and is based on dated functionality and a poor historical user interface. I have not seen any guarantees of longevity other than the Modern Lifecycle Policy -https://learn.microsoft.com/en-us/lifecycle/policies/modern which guarantees a years notice and don't forget there are a bunch of underlying components outside the Project teams control such as SharePoint that will influence this. For those moving from online to on-prem might you end up in six months migrating again?
For longevity I see the choice for the long term is realistically Planner Premium and Power Platform, if that provides enough capability for your use cases, or a third party solution that provides the modern SAAS experience for Enterprise PPM in a single Microsoft platform such as edison365