I agree that if Biden is running for a second term in 2024, he's probably the favorite against either Trump or most other Republicans (at least, against any of them who'd have a realistic shot at winning their party's nomination...they're not going to give it to a Lisa Murkowski or a Jaime Herrera Buetler).
The more significant question, in my view, is what this will mean for the downticket races?
Will Democrats repeat their ill-conceived approach/strategy from 2020 by marginalizing most of the downticket candidates across-the-board in 2024, instead emphasizing most of the narrative on the top of the ticket?
Or would incumbent President Biden really lean into the idea of boosting new generations of young fresh leaders up-and-down the ballot? Assuming there's no pandemic keeping activists and campaigners shuttered indoors, Democrats will presumably have much greater mobilization leeway in 2024 than they did in 2020. But will they utilize it in a smarter way, this time around...or squander any such opportunities, once again, under the premise that the only thing they need to focus on is retaining the White House?