I think it really depends on what style of game you enjoy to play. Some like the fast paced, run and gun, with big hits - which is the arcade experience. While others enjoy the slower paced, stamina and play focused gameplay that makes you use hockey plays and more passing to make the game flow.
NHL 23 and NHL 24 where easily on the side of an arcade experience over the more simulated experience.
When it comes to online play and more so 3v3 and 6v6 (which isn't hockey per say but "pick up" hockey - the arcade style and feel compliments those game modes.
Whereas the slower gameplay is more suited for the true hockey experience (which can be reflected in some online modes but more so the offline modes)
The issue is that it will always be one or the other - you can't have 2 game styles in the game to cater to how they play.
As an offline player only who enjoys more of a traditional experience - its the closest it has been to a simulated experience since NHL 21.