The announcement of the Starfleet Academy series actually going into production doesn't sound like very good news for Prodigy's chances. With P+ having to cut costs, greenlighting a new series will use budget that can't be used on another show in its place. Moreover, there is also some similarity in the premise, which could also lead to Prodigy getting restrictions in what it can and can't do (even if it continues past S2) if P+ doesn't want to thread the same ground twice. The new series could potentially take Prodigy's slot in the rotation of ST shows on P+, if they feel it would have similar appeal.
Of course Starfleet Academy will likely be much cheaper to be made than Discovery S6 would have been (due to actors wages, more CGI, less bottle shows,...), but there may not be much room for Prodigy if Picard S3 also gets a form of continuation (Legacy or something else that continues live action in the 24th/25th centuries) or if the Section 31 series gets the go-ahead, finally. With Lower Decks and Strange New Worlds renewed, if one of those potential series also gets ordered in the near future, the only way remaining to save money (other than the difference in cost between Discovery and Starfleet Academy) would be to axe Prodigy.