Something I feel like i haven't seen much discussion of when it comes to stranger things 4 and the Hawkins storyline is the fact that it's the first time there are no adults around to come and save the day (by which i mean experienced, established adults, not 18/19 year olds barely out of high school). In previous seasons, even if their arcs don't intersect until the finale, they're all theoretically aware that Joyce and Hopper are at least around. This time as far as anybody knows, Hopper is dead and Joyce is on the other side of the country, and when they do try to contact her they get no response.
Nancy and Steve are left to be very much in charge - Robin too, but she makes a point of deferring leadership. I also think this is a big part of why Nancy looks so relieved when she sees Steve's car pull up at the trailer park - not because she's in love with him, but because it's dawning on her for the first time that there is another adult in Hawkins who understands what's going on.
But the point is it all goes horribly wrong, to the point I'd probably consider the finale to be the true darkest hour of the whole show. Like if you look at their main objectives for the season:
Save Max - failed. Technically El comes to save her at the last minute, but as far as anybody knows she's still comatose and might never wake up. Also she very much did technically die.
Save Eddie - failed, not only does he die horribly but they don't even manage to clear his name, so other than this small group everyone still believes he was a devil-worshipping serial killer.
Kill Vecna - failed, not only does he get away but in temporarily killing Max he manages to carry out his goals and (supposedly) bring on the end of the world.
And not only that but every single person in their group gets injured in some way. Lucas gets beaten to a pulp by Jason. Dustin breaks his ankle falling through the gate. Steve gets half-eaten by bats, Nancy and Robin get choked by vines, even Erica is tackled by Andy.
And I don't think any of this is anyone's fault, but I absolutely do think it would be extremely traumatic and have lasting impact especially on Nancy (thanks to her pre-existing trauma from Barb which this season made it a point to bring back into focus) and Steve (who has a bit of a hero complex and sees himself as the protector of the group). And while I do kind of wish they had a scene discussing what they went through in s5, there is a bit of a shift in the dynamic that you can read as being informed by this season, even if it wasn't put there intentionally.
Like I think it's notable thay even though Nancy turns out not to be romantically interested in Steve after all, she absolutely values his input in a way that she just doesn't prior to s5. She gives him the go ahead to drive through the gate and defers to his judgement over Jonathan's on at least one occasion. And then on Steve's side even though I do believe he isn't actively pursuing her at this point, I can't exactly fault him for wanting to partner with her when she's the only one not actively putting him down at every opportunity. She's not even that nice to him tbh, s5 Nancy is Nancy at her most emotionally distant, she's just not constantly implying he's an idiot.
And I can also see why Jonathan would clock all this and jump to the wrong conclusion even if he is doing entirely too much about it. Like there's the makings of some interesting dynamics there buried beneath all the tired love triangle clichés.
This post got away with me and I don't really know what I'm trying to say other than I love steve and I love nancy and I wish in this fandom it was acceptable to talk about their relationship without it turning into a pissing contest over whether or not they should have ended up together. I think the most narratively satisfying approach would have been if s5 had allowed them to talk about this trauma and bring it back full circle to s1 and the pool without them getting back together but having a much stronger understanding of each other as people