Is Ethereum too big to fail?

Hi,

Doing my homeworks, I found that it's extremely difficult to diversify outside the Ethereum ecosystem. Most of governance tokens of protocols are ERC20, which whould be directly impacted by a failure of Ethereum.

Am I right to consider that:

a) an issue with the Ethereum chain would be a financial cataclysm in the crypto ecosystem?

b) It would probably have a massive impact into the real financial world?

c) It's probably vain to try to diversify a portfolio according to L1 chains as the impact of an Ethereum failure would be so huge that everything would crash badly.

Ethereum is looking like a single point of failure. Beside a crypto market crash, I am even not sure that a failure would not propagate technically to other L1 chains. L1 chains should be independent but is it really true?

I ask this question to see if I consider an Ethereum failure as a manageable risk or a black swan.

Thanks