Probably depends on your usage pattern. I think most would prefer it, but "engagement" measurements will make it seem like they hate it, because they spend less time on the page. If companies like Facebook actually wanted to know, they'd make the setting "sticky" rather than constantly reset to algorithmic, then measure over 3 - 12 months how many switches to either one and stays there. The fact that you can set your feed to permanently be chronological tells me that Facebook REALLY doesn't want you do use this feature.

"Power users" may prefer the algorithm, due to the volume of posts they'd see, while many casual users prefer reverse chronological and then just check in every other week. Seriously the last year I was on Facebook, that was my usage. Block everything not posted directly by a "friend", sort by date, read the five posts from the past two week and logoff. Took me just a few minutes a week to catch up. I just don't think that usage aligns with Facebooks business model.

People regularly miss posts

For 'social influencers' sure, but normal users don't care about that. Removing the engagement hacked platform that primarily benefits social influencers would be a significant improvement for most users on most social media platforms.