Unfortunate turn of events for sure. ED is not dead on XB just not EDO playable. This happened the other way for the first game I really liked, Hawken (mechwarrior game), when PC version servers were shut down within months of the announcement. I can still play it on XBSX although there's been no new content or updates in the last three years.
When I got into Power Play on discord and the majority of pilots there were PC so I built an account on PC just to wing with them and get a better HOTAS. I decided to keep both accounts and now I've been splitting my time playing elite between XB and PC gaining PP strategic advantages, so hopefully there are another three years for ED on XB - maybe even the potential for ED.II for XBSX with all new non-cobra engine - I'd buy it.
If that never happens (most likely scenario) and for those who have years invested I'd offer this observation. When I started my PC account I was amazed at how quickly I got past the initial ramp-up to having fun and not grinding to get a ship that could provide the same fun my XB account did. Within weeks I was back into a Cutter and trading my way to my first billion. Found all kinds of advantages to leverage both from my experience on XB plus how to transfer CC via my XB FC - so I did not need FDev to move my CC and got to keep all 38 of my ships too. Was not long before I could buy my PC FC and then it was all fun no grind, using both FCs and their fleet of ships to jump from one play style to another, or just really focus on PP BGS. If you have a PC, getting ED on it is worth buying for more than one reason - and while there is a downside to building a new account, it does not last long, and the upside will surprise you quickly: just new and different, still fun. Was glad I kept my XB account and did not move it - the strategic value alone in PP BGS and ability to shift focus to something different is worth the ramp up grind.
Bottom line: Elite Dangerous on Xbox is not dead it is just going to be different for a while - much the same a real life.