Of course we will, Supporting H.264 long enough it will also become a free codec. Which is ~2027. Considering x264 is still one of the best if not the best in Medium to High Bitrate encode, this is something worth looking forward to.
And MPEG are already working on new codec based on H.264 that will be completely royalty free.
It depends on the encoder though. The AOM encoder is still quite slow, but Intel's SVT-AV1 encoder (https://github.com/OpenVisualCloud/SVT-AV1) is achieving 20 frames a second:
Xiph's rav1e encoder (https://github.com/xiph/rav1e) can do realtime encoding on a laptop at low resolutions:
You always have to consider encode time versus image quality versus bandwidth. Twitch is using NGCodec's FPGA based VP9 encoders to live stream with the same image quality at a lower bitrate than H.264 can achieve: