The problem I have with saying that Sergey and Fabio are Magnus's equals in classical chess is that Magnus knew he had a great chance to win in the tiebreak and was willing to play for a 6-6. He knew he didn't have to win in classical, so the question of whether he could have won had he needed to is unanswered.
I wouldn't mind a change to the format. There have been a lot of ideas thrown around. I like one I offered in another thread: if the match is tied 6-6 it goes to sudden death but the TC is still classical. One game per day, alternating colors (toss for 1st white or champ gets it) no rest days, until somebody wins. I know that it could lead to a match of unlimited duration, but I don't think it would carry on nearly as long as the K v K matches of the 80s.
My personal thoughts after people declaring (including Magnus) that Fabio should be considered Co-World-Champion because of a drawn 6-6 match in Classical time controls is that the same consideration should then be extended to Sergey Karjakin back in 2016. Because he too had a tie-score after 12 games with Magnus.
By eliminating the draw odds going to the Champion, you really are giving the Challenger one extra chance to dethrone the Champion. As it is, and as it was, Magnus is the better Rapid/Blitz/Armageddon player than both Fabio and Sergey. And in fact, Sergey arguably did better than Fabio. One, he defeated Magnus in a classical WC game. Two, he at least scored a point against Magnus in the Rapid Tiebreaks whereas Fabio didn't.
P.S. I think new FIDE President Dvorkovich should change the WCC format. There have been a number of suggestions on various websites, both on posts and on comment threads, and it's worth the time and energy and money to improve on the rules and format of the WCC. The current method is deeply unsatisfactory.