Correct, but didn't they say support would end at some near future date? This leaves it open to the whims of a random developer to provide an alternative and to continue support.
Yes. Exactly. That’s what open source is. Nobody is obliged to keep providing you with something you’ve been using.
I personally really like the new editing experience. And had been wondering why WP was so behind the times for half a decade now.
They do offer it as an option, that's what the Classic Editor plugin is. It's provided by Automattic and automatically suggested when you open the plugin directory.