Biden's in a tough spot.
He's older now than any former President, and any current governor.
His win was very narrow, and very specific to him. There isn't anyone else who simultaneously appeals to centrist voters and African-American voters as much as the Pennsylvania-born Senator who served as Vice President to the first African-American president.
His approval ratings have declined, and it's not clear it'll improve. It could very well be a response to temporary news cycle: the clusterfuck of a withdrawal from Afghanistan, Democrats in disarray over disagreements about massive spending bills, his son's suspicious art sales, and continuing disagreements about how to deal with Covid. Perhaps his approval rating will improve when Afghanistan is no longer in the news, the bills with popular spending items get passed, his family avoids scandals, and the figures on Covid improve (for example- the vaccine mandates seem to be having the desired effect of pushing stragglers to get vaccinated) and when Republicans screw up (it's arguably politically better for his election chances if Republicans take back congress and can be blamed for all the obstruction.)
I'm not a Trump fan, and I certainly don't think he should run again.
I suspect his ego will push him to do it again, especially considering he lost a close election and refuses to admit that he lost.
If he could win again and govern competently, it can define his legacy. I'm not sure he can succeed in either task. He's not going to govern better at 81 than he did at 73, especially that he actually managed to get worse as President, making serious errors on Covid in 2020 and then encouraging the capitol riot in 2021.
The best option for Republicans is to convince him that he can be the next Goldwater, someone who lost a presidential election but changed the party and influenced successors who knew how to sand down the rough edges.