Let's not forget the "Threatened" status also disrupting the balance between melee and ranged. If an enemy is nearby, now your caster has to use their ranged attacks at disadvantage. I cringe every time I have to move Gale out of "Threatened" and now I can't target the enemy I want to attack in the first place.
I'll be honest, I'll be heartbroken for a few days if patch 4 doesn't address some of the problems with combat.
I think threatened status is fine, it’s a thing that exists in most games and is the main penalty for leaving your ranged exposed.
The real problem is that the threatened radius is way too big and that there’s no real way to tell how far it actually extends, which is an absurd lack of information for a game like this. It should only extend as far as the melee character’s actual attack radius is, but it currently extends way beyond that. If you’re not at risk of taking an opportunity attack for moving away, you shouldn’t be considered threatened.
If you want a bigger threaten range, use reach weapons like spears.
Also, yes, 'Threatened' and 'Too close to an enemy' being separate modifiers really is awkward as hell.