Yes expect the LM24 bop to favour the Toyotas or the Porkers but certainly not Ferrari... I do think Maranello can win the title this year but I very much doubt they will be "allowed" to win Le Mans again.
If they did away with BoP, most of the constructors would leave, because endurance would become an arms race, like in the past. Because of BoP, almost a dozen of constructors are participating in the Hypercar category, and the same in GT3. BoP isn't a bad solution, as long as it is transparent, IMO.
How often in WEC is BOP used? How and where is it announced? IMSA uses BOP every race. A fan has to be pretty serious to find the changes....more serious than me, anyway. After attending Road America last year where more than 50% of the 'race' was full course yellow, I've lost most of my interest.
If the BoP was lifted, the disparity of performance between cars would immediatly show. Some constructors would fall at the back of the field, and need a massive investment to catch up the tenors in that group. I guess many would leave, unwilling or unable to compete at that level. BoP puts all the cars at the same level by juggling with parameters: weight, fuel capacity, power output, etc ... Let's not forget that many races used to be run under a handicap formula in the past.
Sad but true. I would love there to be a formula somewhere that was more open and allowed more innovation. Not only would you have issues with the arms race and budgets for the factories, imagine what would happen to the customer teams. See LMP2. No BoP and a freeze on development made it into essentially a 1 make spec class.