Wally almost getting killed was hardly the fault of the Flashpoint. Barry and Wally had a good plan and nothing bad would've happened had they simply followed the plan and didn't get careless. Anyway everything you're saying are possibilities. Cisco may feel unfillfiled, new threats may come. My point is: we don't SEE it. The only threat we DO see is the Rival who is dead by the end of the episode. We haven't seen any other villainous meta, we haven't seen Cisco being unhappy with his life, we haven't seen Wally actually dying(he olny got badly hurt) we haven't seen Flashpoint being bad let alone worse than original timeline (in which he have seen two years worth of villainous metahumans before Barry created the Flashpoint). We DO see exacly two bad things, the Rival and Joe becoming a drunk. The first problem is dealt with, the second alone hardly seems like something worth death of Barry's parents.
About the Informed Wrongness part. I put it as invisible for now in case anyone disagrees with me, but to take a look at what was stated as being better: "Cisco becoming a billionaire" True. However, we don't see enough to know whether his private life feels fulfilled - He stated in S1 that, despite everything that had happened, he loves his life. Mainly because of the close friends he made, who he doesn't have in this timeline. "Wally becoming Kid Flash" Yeah, Wally liked it. And then got almost killed, and since he apparently doesn't have any healing factor, it's very possible that he will die. The Rival might be gone now, but that took both Barry and Wally working together. Wally doesn't have a team like Barry did, so how would he have fought an enemy like Thawne or Zoom? And, as I said, he's badly hurt or dying now, so any new threat can just waltz in and take over.
Add to that Joe being estranged from his kids. He hates his job and would probably not have it for much longer, so the West family got kinda screwed by the changes. Then, as I said, we don't know if Wally could fight bigger threats, even if he survives. After all, unlike Barry, he doesn't have a team to give him cool gadgets. Cisco did create his suit, but refuses to help any more, so if someone with powers like Grodd (Mind control-stopping headband) etc were to come, Central City would be screwed. Think about it, most villains were fought via team work, with Cisco and Caitlin figuring out how to beat them.
So, West family is screwed, Wally might be dying and is at least badly hurt, high chances of nobody in Central City being able to take care of bigger threats, and we don't see enough from Cisco or Caitlin to judge whether their lives are better (They're safer, at least) or worse (Might feel unfulfilled).
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