Neither the EU commission, nor national governments can rewrite EC261/2004. Its legislation.
For such kind of legislation the EU Parliament need to pass a new regulation. I doubt that such a new regulation can be applied retroactively - that means that article 8 protections are removed for cases that arose before the passing of a new regulation.
What it boils down to.
Airline will try every trick in the book to push pax for a rebooking or voucher. Most pax do not know the rules and may fall for it.
Only pax who insist, insist, and insist will receive actual cash money.
Airlines have been playing this game with article 7 compensation payments. Now they are starting this game with article 8 refunds.