lol, well I'm new here, was just looking for things I could actually respond to.
But yes, it is that dramatic. Eothas himself admits that life will eventually die out if something to replace the wheel isn't found soon enough. It's kind of his forced ultimatum to both Gods and Kith alike.
I think what really turned him off the whole arrangement was Gods frequently absorbing souls and preventing their returns through the wheel just to enhance their own power. Woedica's hollowborn crisis being the latest turn. And yes, that does make Eothas a hypocrite when he himself does it, albeit convinced it's for the greater good.
You can take it further and even convince Eothas to bring about an instant apocalypse by not just destroying the wheel, but all life within a matter of days or weeks then and there. Which is what Rymrgand has been hoping for ever since Eothas rose in the adra statue.