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To note: this appears to be a move from 5 years (standard, free) + 5 years (extended, paid) to 5+7. Users not paying Canonical aren’t getting anything different as to with prior LTS releases.
Standard free support for 24.04 is still 2024-04 through 2029-06.
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Free for personal use, so yes-ish. That’ll certainly be a deal-breaker for some.
Realistically, people who are using it for personal use would probably be upgrading to the next LTS shortly after it’s released (or in Ubuntu fashion, once the xxxx.yy.1 release is out). People who don’t qualify to be using it for free anyway are more likely to be the ones keeping the same version for >5 years.
