I think the challenge with 10 IoT LTSC isn't going to be the OS itself, but the software running on it. Lots of software uses chromium embedded, and in the case of win7 the day that extended support (+3 years) ended CEF also dropped support and required features only found on more recent windows releases, then as other software updated their CEF dependency they also dropped win7 support. It might not be a major thing, but there is a slow erosion that goes beyond whether the OS gets patches. If nothing else, if it's a machine that uses software that goes online it's a notice that you should investigate moving to something else eventually.

Win10 IoT LTSC does not cover all use cases though.

When it comes to gaming, for example Windows Mixed Reality is not included and cannot be installed afterwards (but then again, Microsoft dropped it from Windows 11 too, so no loss there).

Only way to keep it is staying with consumer Windows 10 or use 3rd party software like Oasis.

Problem with 10 LTSC is the fact that it's based on 21H2, and there definitely isn't going to be a feature update for it, now that 11 LTSC is out. Some games already require 22H2.