Happy account creation day!
SPOILERS
Yeah, I absolutely agree with you that we need to see the whole picture before making any assumption about Lance fate.
BUT (Theory time, and yes, I'm already making another assumption), I think that our Cyrus Galahad Cantwell was named after Galahad, son of LANCElot not for nothing. And, as you already noticed similarity, Lance is a short version of Lancelot. Long story short(Spoilers for prose cycle Lancelot-Grail) Lancelot tried to get Holy Grail but failed due to his sins. But his son Galahad, who is devoid of his father's flaws of character, becomes perfect knight and achieved the Holy Grail.
I think in this story Holy Grail = Happiness, which is unreachable for Lance because of the things he has done, but might be achieved by Cyrus. Also, considering that Cyrus literally a replacement for Lance in Aaron's team(even the same love interest), makes me think, that these two are each other opposites and through Cyrus Lance will understand that he took a wrong turn somewhere in his life, but it will be too late for him to change something, and that's why I think that there is no real redemption for Lance.
But yeah, it would be better for me to drop thinking about it too much and let creators to work their magic and continue with this thrilling story.
Anyway, sorry if I'm too pushy with these theories of mine, I'm not trying to make you think like I do, just can't get out of my head this thing with their names.