There would've no more Borg had Voyager not made a deal with them Species 8472 would've taken care of them. And if travelling naturally that is to say at normal warp speeds it would've been well after the end of the Dominion War by the time Voyager reached their space. The war was over with anyway and I'm sure Odo would've allowed Federation access to their space.
The stuff about Odo is hindsight that came years after the
Voyager was stranded in the Delta Quadrant. At the time Janeway set out for the Alpha Quadrant, however, the wormhole in the Gamma Quadrant was still firmly in control of a hostile powerful alien government the Federation was preparing for a major war with. A peaceful outcome by the time the
Voyager reached Dominion space was by no means guaranteed.
So basically Janeway had two choices: Set out on a direct route to the Alpha Quadrant and hope to find shortcuts along the way...or travel even farther away from home and hope that the Federation made peace with the Dominion (as well as hope that "the Prophets" hadn't collapsed their wormhole) by the time they got there.
The direct way home was inarguably longer, but it also had more of a guarantee of them eventually getting home, barring accidents. Going to the Bajoran wormhole
could shave a couple of decades off their trip, but it could have also possibly added another century to their trip if the wormhole was inaccessible or no longer existed.
In the end, it probably comes down to which choice was the safer bet and which one was the more riskier bet based on the information Janeway had available at the time...