Voyager did waste some of its core concept, but in hindsight that may have worked in its favour. It's apparently the most rewatched Star Trek series in England, and I'd argue it's the only post-TNG Trek that really entered the wider zeitgeist. In a lot of ways, it became iconic precisely because it remained accessible, episodic, and light(ish) entertainment.
I do think the original plans for Year of Hell could have been a great middle ground, especially if handled more like the second half of Enterprise Season 3. The Xindi arc often felt like the version of Voyager's premise that we never got, and I think something along those lines for half a season would have been really interesting. I can literally imagine replacing the Xindi and the weapon with Annorax and the time ship, trying to evade the Krenim alone, temporal shenangians happening alongside, one-off stories dotted throughout, with the ship becoming more trashed over time and questionable decisions having to be made.
Heck, if they still wanted to keep things relatively episodic, they could even have used a Dead Stop-style reset episode as the eventual solution. Better than the "it never really happened" ending to the Year of Hell we got...
The real problem with Voyager's premise is that it was almost doomed to fall short on 1990s network television. Seven seasons of 26 episodes a year built around isolation, scarcity and constant hardship would have been incredibly difficult to sustain, both creatively and commercially. Even nuBSG, which was essentially "Voyager but played realistically", wasn't asking audiences to sit through seven years, 26 episodes a season of that level of misery, and when that did come out television was a very different landscape.
Striking the right balance was always going to be difficult while appealing to a mainstream network audience. It wasn't really until around the time of Enterprise Season 3 that network TV viewers began embracing heavier serialization and a bit more grit in their science fiction. In that sense, it's not surprising that Trek revisited aspects of Voyager's original premise later, when the audience was finally more receptive to it.