What could possibly go wrong?
Apple is becoming more MS every day.
They are removing support for the Deprecated HFS+ Encrypted Volumes ONLY.
APFS Encrypted Volumes aren’t going anywhere.
Apple moved from HFS+ to APFS as their Frontline Filesystem for macOS With macOS Mojave (10.14), back in 2018. They actually switched iOS to APFS a few years earlier. Starting with Mojave, Boot Volumes were automatically formatted as APFS.
The sky did not fall. . .
Also, Non-encrypted HFS+ Volumes continue to enjoy full read/write/format support in macOS, and there is no reason to expect that to change anytime soon.
From what I have read, the code that implemented HFS+ Encrypted Volumes was kind of scattered around in several places in macOS, and Apple is currently digging through their OS Code in preparation for final removal of x86 Support in 2028, and consequently, it probably seemed like a good time to do some general housecleaning.
At this point, Apple is giving Users plenty of time to Unencrypt any Encrypted HFS+ Volumes they have, and Move them to APFS.
At this point, APFS is quite sufficiently Battle-Tested.