Originally Posted by The Composer
I can see both sides of the coin. Though I'd never play Skyrim without fast travel 😅

Right now I'm almost fine with current fast travel system, but I'd make a couple of changes.

The issues:
Random unexplained rune portals embedded into locations, that are seemingly there as a mechanic, not part of the world.
Unlimited travel at no influence on gameplay. (In skyrim for example, time passes, events move on)

What I'd do:
Remove the portals entirely, and embed fast travel to being able to select key locations on the map that has already been discovered. Same function but is less "Why is there a random portal there?" feeling and more "I want to go here but skip the tedium" that is less unimmersive.
Due to no day/night function, I'd just add parity to long rest supplies system instead, and make fast travel cost a small amount of supplies based on distance from player location to destination. It adds some consideration for the player of cost vs outcome, and if they're close enough they might just decide to do the walking instead if it means saving supplies that they're short on.

I'd rather avoid having to walk just to have food to rest afterwards.
What is the point of introducing such mechanics? Fast travel is used to quickly move around previously visited locations to skip tedious backtracking and there is no point in limiting it in any way.