I was concerned years ago when the SharePoint approval workflows were removed from SharePoint Online because we had several groups that relied on them for their work processes. It took awhile, but we finally managed to convert the workflows to PowerAutomate flows, which are good enough, but not great and are a nightmare to maintain/fix for the people we set them up for.
Looking back, the workflow retirement may have only impacted a few groups, but it took awile for us to get something setup--we even needed to put in for an extension. Now, looking forward, I find the retirement of Alerts much more concerning. Alerts were so easy to set up by anyone that they are used all over. Now, that functionality we have come to rely on is becoming so complex that it is almost impossible to easily replicate the same actions--not everyone uses PowerAutomate because is is complicated and the Rules are not helpful because they are limited in scope--so how long will it take to replace them, if we even can?
Hopefully, we are given documentation/templates to help us move forward with this change and soon because my current efforts to replicate are not working and we depend on the functionaliy. Alerts will definitely be missed.