in practical terms i'm in the same boat. since i don't pvp and fly seldom outside solo i couldn't care less about these cheats.
the thing is, me being mostly in solo is 50% due to how awful the pvp implementation in elite is, which traces back to many of the causes that make these cheats a thing in the first place. for me this was already crisp clear with combat logging: the effect itself is barely consequential. what it means, not at all.
the other 50% is engineers which, funnily enough, several have compared to cheating, which it isn't ... at least not legally.
so, with this premise: yes, they should just apologize, publicly disqualify pvp, reclassify the game as the family game it is, maybe compensate players in some clever way and move on concentrating on keeping fleshing out the galaxy ... oh wait, they aren't doing that anyway.
i even see some poetic justice in all this, though i do feel sorry for all those who had hopes. yeah and who could resist a bit of drama! it gets lonely in solo ...