No, it won't but then again - what will? App life time is measured in months, not in years let alone ´for the rest of your life'. I used to run BankID on my Linux laptop but that is no longer supported either. Things change all the time so it is what works here and now that is important. I will soon no longer be able to use BankID because I'm not a Swedish citizen and the new version insists on scanning a Swedish ID (driver's licence excluded since that does not contain an RFID transponder yet), let alone the fact that none of my devices has RFID capability.
Location services can be spoofed if BankID insists on being nosy.
There is no 'emulation' involved in running BankID, it just runs as intended on my devices (several of them, running different versions of LineageOS, all of them Google-free).
I think we're talking past each other here. You want the future to be free from proprietary lock-ins. So do I. You are looking for a way to escape the 'duopoly' of Ggl and the fruit factory. So do I. These things do not happen without people acting in some way which is where we seem to be on different tracks. You want people to (I paraphrase) start complaining where I want them to start acting. Actions speak far louder than words after all. It also helps in giving access to services here and now instead of maybe, later. This is how Linux and the BSDs arrived on the scene as well, not because people complained but because they started acting.
As to your children getting phones I'd say it is up to you to lead by example in the hope that some of what you show them sticks. Speaking from experience I can only say "good luck" seeing how as social pressure is a stronger force than parental advice. All of their friends and peers will have tons of privacy-leeching apps on their duopoly-devices which they also will want to have because that is how those peers communicate. Thus far I have been able to keep the worst offenders at bay by offering self-hosted alternatives which they now use, e.g. a self-hosted XMPP server with Conversations on their phones instead of Whatsapp/Telegram, self-hosted Nextcloud instead of Google, self-hosted Peertube servers (several for different types of content) instead of Youtube for publishing their own content, self-hosted mail instead of Gmail, etc.
BankID is a special case because it ties a state-issued ID to commercial services (banks). I want the Swedish state - to be specific either Skatteverket (the tax department, responsible for the population register) or the police (responsible for issuing passports and ID cards) - to start issuing an alternative electronic ID which is not tied to any specific commercial service, i.e. which can be used with any device. It can be in the form of a transponder in the ID card, driver's licence or passport, in the form of something like a Yubikey or in that of a certificate which can be used in any browser but it should be useable as long as the user agent follows the required open standards. Something like the Dutch DigiD system [1] or the Belgian CSAM [2] can be used as a starting point.