Late on the reply to this and by no means an impartial judge on the matter, but I think that's a narrow perspective on the role that 209 plays. 209 supports exercise like Red Flag, the Neptunes, and also supports the VFCs during SFARP. Our jets are the only AESA radars in the TSW inventory which is an important consideration for VFC support (and is a reason that they ask for our support). Flying in those other high visibility exercises also reduces the burden on the active component and allows them to get a break during their maintenance phase as opposed to being continually run ragged. It's great training for us too. Plus our INDOPACOM deployment was closer to 4 months. That is a pedantic point and yes it is shorter than the AC. The squadron is also making a concerted effort to shed the flying club reputation. To that end, it's becoming a repository for every patch getting off active duty.
Could the squadron be better utilized? Ya probably. Using different order types (i.e. not always mob-ing) is one approach that elicits strong opinions. From what I gather, 209 was heavily utilized in the 00's so there is a precedent. I would argue that our squadron is better utilized than some other assets in the reserve (F-5s out of New Orleans comes to mind) and serves an important role. Plus to your point it is augmenting the fleet and filling AC gaps. Moreover, the talent retention aspect is pretty important element. The Navy has spent beaucoup dollars training us, so why not continue to retain that capability in the reserves. Does that translate into an uber-squadron? Probably not. But I think you're being overly generous in describing an AC squadron as a repository of tactical prowess, particularly at the O-4+ level.
With an eye to the balloon going up, that effort is going to require a level of manpower that I think is hard to comprehend. Getting rid of 209 (or similar operational capabilities) doesn't directly translate into increased AC capability, particularly in this retention environment. So more is better in my opinion.