Would you agree that we should have two standby, one with default max_standby_streaming_delay (say 10 sec ) which will be mainly used as high availability and thus will be having minimal lag. and another standby with max_standby_streaming_delay as "-1" i.e. it will wait indefinitely for the SELECT queries to finish without caring about the lag, which will be utilized for the long running SELECT queries.
And keep the hot_standby_feedback as ON for the first standby which is used as HA/high availability. And keep the hot_standby_feedback as OFF for the second standby which is utilized for long running SELECT queries, so that primary won't be waiting for the response/feedback from this standby to vacuum its old transactions and that will keep the transaction id wrap around issue from not happening because of the Read/Select queries on any of the standby.
Sure. That could work. Perhaps also set statement_timeout on the first replica, just in case.