The prospect of having my entire game collection linked together doesn't really appeal to me, it feels like I'm giving too much control to one entity. Thats something I would never want to do. I love GOG, but lets say hypothetically 10 or even 15 years down the line all my games collection is linked together on GOG Galaxy 2.0. Who's to say that things won't get so authoritative, that whether it be the government, other companies who may have some say in what GOG does, or even GOG themselves if there was a change in management of some kind where GOG can ban my ENTIRE gaming collection on every platform? Thats a scary thought to me. At least with GOG Galaxy, the only games that GOG can do is ban my GOG account and I have all my other gaming libraries to fall back on.

Thats why I like the thought of GOG Galaxy over GOG Galaxy 2.0, and why I ask if they're going to continue to develop both.

Uhhhh.. it does not work like that. At all. Galaxy (pretty much) just scrapes information about your library on the other stores. And it only does that if you install these integrations and give them the credentials for that. GOG can't really do anything to your collection on any platform other than GOG. Especially if you do not pass your credentials to it. No way.

So long as GOG stays to its DRM free policy, they cannot do that. DRM free games are yours to keep, BUT you have to take control of them, ie. download or install them so they're on your machine an not some other entity's server. What you propose cannot happen with diligence on your part.

GOG Galaxy 2 is the way to go.

That would never happen in reality. If GOG banned you from Galaxy, then you'd still be able to play your DRM-ed games by logging into them with their own DRM launchers.

Well other people have already explained in detail why your fears are unfounded so I'll just answer the question posed in the title:

Almost certainly not. The fact it is named Galaxy 2.0 is the big clue, Galaxy 2.0 is (will be) the update.