I definitely wouldn't want the Packers to spend a whole lot of money on a veteran backup either. With that being said there will most likely be a cheap one available who presents an upgrade over Bortles.
Yet, they brought in Bortles this season just in case Rodgers wasn't going to play. Turns out so far, they haven't had to rely on anyone but Rodgers and Love.
That said, it is hard to debate that there wouldn't be better options than Bortles, but he does offer up some positives. First, he is now probably pretty familiar with the Packer offense, bringing in a new QB will take some time getting him up to speed. Second, Bortles comes cheap, for a team without much cap space that is a plus. Third, I don't think it would matter if the Packers spent $1.075M on Bortles or $8 M on Nick Foles, neither are probably going to be good enough to take the Packers too far.
The Packers 2022 season hinges on what happens with Aaron Rodgers. If he is a Packer, it will take some tough cap decisions, but I think the Packers can remain very competitive. No Rodgers in 2022, coupled with some other big names being lost to the cap, I think the Packers will struggle until Love or another QB becomes average or better. I do think that MLF has the offense to a point where replacing Rodgers with a less skilled QB, won't be such a steep drop off as we saw under McCarthy when Rodgers was hurt. But the KC game with Love at QB this year, might be a good preview as to how things will go for awhile post Rodgers.