He closed his own label in 2022, so really all he has to balance is his Prada co-design stint. I don't think he's the best choice though. Raf is a little too emotional of a person in the worst possible way and that already burnt bridges with the Dior and CK team (plus destroying CK Collections division...).
At this point, Chanel needs to review everything besides the Creative Director to improve all their channels. Of course Virginie's design capacity wasn't exciting, but it really wasn't helped by the constant price hikes on top of the decreasing quality. When you aren't the most compelling creative person, it is hard to make those factors worth it, right? I'm also sure she was a much more passive person compared to Karl, who seemingly demanded a level of quality from the atelier and manufacturers whereas she seemed rather complicit to it all.
I think thanks the Virginie though, it is kind of hard to care about who's potentially next at Chanel... We get better Chanel from so many other brands now at a better price point, what is the point? If I were to say another name, maybe Jun Takahashi or Christophe Lemaire. I did propose Natacha Ramsay-Levi, purely for the previous Karl/Chloe tie in. Karl's use of lightness there really informed a lighter touch at Chanel for sure though.