I'd be pleasantly surprised if Superman & Lois is renewed for another season considering both The CW's extreme cost-cutting under its new Nexstar ownership and DC's desire to focus on a new live action Superman. That said, I'm not sure anyone wants to be the bad guy and risk a backlash by prematurely cancelling a generally well-liked series. Whether or not S&L gets a season four is going to be a very interesting decision no matter what that decision ends up being.