Depends on how popular Strange New Worlds turns out to be. Considering how disastrous the reception of Discovery S4 was even compared to the previous three seasons, I could see them shitcanning Discovery after its next season in favor of focusing on SNW if the latter turns out to be reasonably popular.
As for Picard, I'm guessing they'll call it a day with S3, then maybe try for a spin-off with some of the other characters from the show.
The more I think about it, the more Voyager's finale and then Nemesis, which were the chronological end of Star Trek canon for close to two decades, made for a nice ending point for things. The Borg had been wiped out, the Dominion were no longer much of a threat, the Cardassians had been reduced to a broken ruin of an empire, the Klingons and the Ferengi had reformist leaders, and even the Romulans were apparently starting to open up, with the Federation in a good position to become the leading power in the galaxy, or at least the Alpha/Beta Quadrant half of it.
In retrospect, the Berman era did get a lot of things right on paper, it's just that the execution was often lacking (and it probably didn't help that Nemesis was such a colossal flop at the box office) - instead of the "terrible ideas, worse execution" situation we have now.
