None of these problems are really dealbreakers for a consumer-oriented file system in 2023. Not even ext4 supports CoW. Now that everyone boots off an SSD, things like file fragmentation no longer matter, and most of NTFS’ continued slowness has more to do with Windows itself than the actual file system.

ReFS is Microsoft’s new file system meant for more advanced use cases. It supports many but not all of these advanced features. Starting with Windows 11, you can actually boot off a ReFS drive, though I’m not sure that is a recommended configuration.