I do have to wonder if being able to swap out spells known for any spell rather than ones on the EK list isn't a bug- if I were DMing a game, that would seem like an obvious attempt to dodge around how the class is actually supposed to work. Given how few actually useful spells you get otherwise though, I wouldn't feel bad about abusing it to make a character better in BG3.
Overall, I'm still left thinking my original impression was right though- that being, yeah, you *can* make an EK work, but overall, they're not going to be as good as one of the other fighter sublcassses. More of a "pick it for RP flavour" kind of class.
To be fair, Champion is pretty much useless. Especially in BG3 where we have other ways of boosting crit range.