Managed Metadata vs. Lookup Lists in the Modern Library

Hi All,

We are moving our entity records from SPS 2010 to SPO. Our records center relies heavily on Managed Metadata and Key Filter for filtering on several different tags, some of them with 100's of terms. It's been fine but we have requests to increase the usability for sharing, so we are looking at moving to modern sites. Since metadata navigation and key filters don't operate the same way in modern sites, we are starting to question keeping our taxonomy in the term store at all, as opposed to lookup lists for their content types, which seem to offer more flexibility in modern sites. Wondering if anyone else has run into this, especially where we need to overcome the 140 item limit in the filter pane.