They do have too many left wings, especially when you consider that Kreider and Panarin are signed through 2027 and 2026 respectively. Also consider the Rangers top prospect at this point is Brennan Othmann (though Dylan Garand in net is a pretty good looking one too) and that they also potentially have Will Cuylle on the left as well (though I'm not certain he'll translate his game to the NHL yet).
On the other hand, the Rangers are also in Salary Cap troubles for the next two years at least, so low cost players are going to be necessary in that time.
For my mind, it doesn't make sense to trade Lafreniere before the next trade deadline, because he's on an ELC and likely will outproduce his salary by some stretch. He's also shown some stretches (like Kakko) where when he's playing with confidence, you see the skill set there, not to mention that he's been pretty productive at 5v5.
Where he'll top out, and what to do with the logjam at left wing does need to be worked out though.
Kreider's contract converts from a full NMC to a partial NTC (15 teams) in 2024-25, so that gives you two more years before you have some options for trading him. It's also possible that Lafreniere grows into a more confident right winger, or at least a guy who is more comfortable playing both wings.
With all that said, if someone offered up a promising young center in exchange for Lafreniere, then I'd really consider that. Not sure that will ever happen though, so the value you're getting back in a trade is probably more likely going to be less than what you'd get out of keeping him.
So for the moment I think you keep in. Next trade deadline depending on what Othmann's doing, how the team is doing in general and also how Lafreniere looks...I then maybe revisit it.