Yeah, it sounds like a lot but they have 5 hours a week of just AEW, then another 2 hours of Ring of Honor - and a bunch of those wrestlers are exclusive to the latter.
If you had a balanced roster of 70 with Women, tag-teams & men’s championships, a couple of tiers of each you’re going to get pretty bored with seeing the same people over & over.
Yeah I think the comparison between Jericho & Hogan/X-Pac isn’t quite right. As you note, rather than being an old passed it being pushed as the main event, he’s an old passed it being pushed as a feature mid-carder. He’s definitely not my cup of tea and he’s on TV more than I would care for but it could be a lot worse.