"CoW is dying" is a bit hyperbolic.
But, I can provide some feedback from my personal experience.
Initially, I was disgusted. Some of the changes really turned me off. I continued to play 1.0 maps.
Then, I resigned myself to the new rules, and started playing 1.5 maps. In large part, because there was no choice.... old maps are getting harder to find, fewer players active on old maps.
Now, I've reached my second "wall" with the game. It's burning me out. It keeps demanding more of my time and attention. The game is faster, for one thing. Battles, especially so, but also builds and movement. And there is more "work" to do. Production queues need constant baby-sitting. Every time a unit reaches a new level, I have to remove the unit from all production queues, else they will continue producing the old unit level. Then, one of my least favorite changed to the game: manual unit upgrades.
The end result is that I'm just burned out. I don't want to start any new maps. It's too much work, and it's eating into my real life. The second issue is that much of the work is not fun. I've complained about this before (manual upgrades, queue management, production balancing).
Do I really want to lose sleep over.... this?
No, probably not.
So if your "engagement" metrics are up, that I completely believe. The game demands greater engagement. More clicks per hour, more active hours per day. But is this sustainable? Is this "good" engagement"?
In my case, no. I'm burned out. You can keep my High Command subscription, I don't mind Bytro making some money, I just don't care any more.