In a peer war it's pretty damn dubious whether a B-52 with four modern engines will be more survivable than a B-52 with 8 antiques. Either way the most they'll be able to do is launch standoff munitions from a distance they hope will keep them safe, and if it doesn't then they're dead anyway. In a scenario short of that, we're just quibbling over the degree of waste American voters will put up with (it's the military, so the answer is a lot.)
That's pretty much irrelevant. Engine replacement is about increasing range and/or reducing tanker requirement/airframe wear, and reduction of maintenance costs because existing engines are ancient and their maintenance costs are high. One of the reasons this program has been postponed for so long was retirement of C-141 that left USAF with plenty of still good TF-33s. But now these are starting to run out too.
You're right, I intended to reply to the comment saying "In war, only capability matters. Nothing else". I don't think the engine replacements would/will meaningfully sway the balance of capabilities.
Previous programs of B-52 re-engining indeed, tried to replace 8 engines with 4. It never worked because of diameter/ground clearance issue. They had to wait until progress in aircraft engines allowed for the engine of same diameter to provide the necessary efficiency boost.
By the way, re-engining will vastly reduce air refuelling needs, and further extend airframe life because of lighter takeoff weights, as they won't need to take as much fuel on most missions. And in a pinch, almost any mission will be doable without refuelling at all.