I'm pretty sure Seattle can't send him back to the AHL for another conditioning stint. Teams can only do that once per season as I understand it. I read that somewhere, but can't find the link. Hopefully someone can confirm this.
EDIT: This is a screencap from the CBA about the conditioning stint. Nothing in this rule limits it to once per season as I read it.
View attachment 613912
As for having not much to learn there, I disagree. There is some unfinished business* there for him and given that he missed his 16yo season in the OHL, I think it's better for him to get lots of playing time this year in junior then the occasional fourth-line scraps he was getting with the Kraken. Maybe things will be different after the world juniors, but my hunch tells me Kingston will trade Wright and Seattle will send him back to the OHL.
The unfinished business would include ironing out some of things that made him NOT be the No. 1 pick such as driving to the hard areas more and not relying on his shot from the outside -- and leading his team on a long playoff run.