Absolutely not. Take an 8 player game where there are 80 total drops using global loot per unit of time. For personal loot 8 player game, each player on average would receive 10 drops (=80 drops total per unit of time).
80 drops = 80 drops.
Moreover, personal loot promotes the trade economy and discourages leeching and autopicker hacks.
See here for the math:
It would still be preserved. We are asking for the character (upon creation like we select softcore versus hardcore) to have the option to select global loot OR personal loot. Just like softcore players do not play with softcore players, the same would hold true based on loot type selection.
For those who selected global loot, the loot dropping gameplay is the same as orginal D2.
For those who prefer the QoL update like almost every aRPG has adopted recently of personal loot because of its merits, then those players play with an update with each other who selected personal loot.