As an academic I am biased, but I think an EPQ can be excellent prep for Uni life and ways of working - depending on the subject you are interested in
My eldest did an essay based EPQ. She is very organised and planned things really well. The skills and tenacity to finish it will be very useful when she goes to Uni. The content and subject gave her lots to talk about in her personal statement (which wont be a thing in the future, but its still good to have for any interview situation in the future)
My other child begins A levels this year and I have not pushed for her to do an EPQ because she mostly prefers fixed deadlines rather than more open ended project work. She is also looking at subjects that value EPQs less.
For sure some Unis make reduced offers but we noticed that that some Unis didn't make modified offers this year who have done in the past (eg Lancaster, Exeter). That might just be the subjects we looked at and not a wider pattern. FWIW many Scottish Unis dont seem to adjust offers for EPQs