If you consume music then surely, you want the artists and musicians you support to be paid fairly for their work.
The effect on my lifetime QOL would be basically zero if no new commercial music were created ever again.
If I had to guess I'd say it convinces artists to license their work for less money than they'd make if they stuck it on Bandcamp, but I'm not certain, and neither of you has explained it.
At present, it seems like the most fair thing would be to just be honest about the fact that royalties from Spotify and royalties from piracy for the vast majority of artists is roughly equal. :)
For example, I could spend a month listening to only indie artists, but the lion’s share of my subscription would be paid out to major labels.
I have no idea whether it's correct or not.