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Is this just another Google product I'm going to invest a lot of time in, only to find out that one day they take it 'round back and put it down? [1]

No, this is the other main scenario at Google; a product important enough to keep, but with regular name changes so it sounds new.

Google Apps for Your Domain --> Google Apps --> Google Apps for Business --> Google Apps for Work --> G Suite --> Google Workplace

Same thing happened to Hangouts/Chat/Meet.

Many of the migrations you mentioned were not automatic or clean.