Legacy could be many things but the proposal presented in the finale of Picard wouldn’t really serve as a Voyager sequel in my view.
What’s was pitched in the backdoor pilot embedded in Picard and in post-season interviews was for the Titanprise to engage on a nostalgia tour. The hero’s journey however was clearly set up to be Jack’s and not Seven’s. This could give us cameos of Voyager characters, but it would be beyond a stretch to see it as a sequel to Voyager or DS9.
On the other hand, if the idea that Kurtzman floated in a magazine interview this spring were greenlit we would get a loose Legacy anthology of one-shots, limited series and direct to streaming movies that could tell stories focused on legacy characters and ensembles - presumably including one focused on Janeway.
As a vehicle to serve legacy characters and locations, I believe Kurtzman’s proposal is superior and won’t limit us to just the early 25th century.
I do nonetheless see that there’s strong interest in some kind of new early 25th century show that moves forward from Picard season three. I just don’t think that it can be all things to all nostalgic fans in a 10 episode season without again sidelining Seven and the other Titanprise officers.