Most high picks are misses. That's why you keep picking.
They actually signed Panarin before they even had Lafreniere. I think people forget that the Rangers were above .500 going into the Lafreniere draft. They literally only missed the playoffs because of the COVID divisions. They won the Lafreniere lottery with a <2% chance.
You could say it's different if Lafreniere hit but that doesn't change the fact that they got Kaapo Kakko and declared "mission accomplished."
And even if Lafreniere did work out, where does that leave them? He would be the only good player on a team that's still ass and getting old. The only difference is that they would have one piece going into the second rebuild that they're going into anyway.
Also, while Lafreniere could have been a good player in different circumstances, I don't think he was ever going to be a foundational player having watched him for all these years.
Again, that's why you keep picking instead of saying "well I got one lottery pick, when do the Finals start?"