I do think a lot of Denuvo’s opponents tend to exaggerate its effects on the game’s playability

They don't. There are in-depth analyses confirming it's effects published all over the web.

Most people can play Denuvo games no problem, even offline

I tried to play one last week (someone in my family purchased it) and it did not work offline. Very big problem, and not acceptable.

if it’s a game you like

Doesn't matter if you like it or not, it's never acceptable.

someday when IOI is packing up its last employee and shutting off servers, they can also hand out the keys to an offline mode

LOL sure they can, but they usually don't. There are decade-old games at this point with Denuvo still active .