Personally i disagree. while i can see jonathan trying to sacrifice himself for will, i don’t think that’s gonna happen. i also don’t believe stancy will be endgame. the duffers said in a recent interview talking about steve, that they aren’t gonna have much time to explore his love life, their only gonna give us the ships that have been built up since the beginning, as endgame. while stancy was shortly hinted in s4, i dont think they’ve had it planned since s1 that their actually gonna get back together all the way in s5. i think jancy definitely makes more sense to be the endgame ship, as it’s been built up from the beginning and has parallels with canon ships that i’m sure will be endgame. while i do love jonathan, i’m not just saying i don’t think he’s gonna die because i don’t want him to, i just doubt that’s what’s gonna happen. i believe even though jancy has had their downfalls in s4, now that their back together in hawkins they will be able to fix their relationship and be more open with each other.
I also don’t like the idea of jonathan dying and then nancy just going to steve only because he died. then itd be like steve is just her second choice so personally i think this theory is highly unlikely.