EGS will not die, it was never alive in the first place.
We learned a lot from the Apple v Epic trial, EGS was never something serious, it was a means to an end, everyting Epic and Tim Sweeney did with EGS was to try to legitimize it to be used as a tool against Google and Epic, the 12% was never about changing the cut for all developers, it was a way for Epic to show that other stores should do it for Epic, Tim Sweeney testified that if Apple had ofered a sweet deal to Epic and only Epic, he would have taked it.
EGS is not a problem anyone should worry about anymore, Sweeney will keep trying to legitimaze it, but as soon as all the legal stuff with Apple and Google ends, so will EGS.
His plan was always to try to be the overlord of "The Metaverse" to have sole control of its economy and not share with the plataform holders, and with all the news that came with the recent layoffs, its pretty clear that he still chasing this dream, even so the modern concept of metaverse already crashed and burned.
Tim Sweeney is a dumb, bored billionare that has money to burn and nothing better to do, he will acomplish very little after all this settle, and in the end, his workers will continue to pay the price of his hubris.