My opinion is that with or without denuvo a good game or product will always sell itself.
Take Wukong black myth for example. Even without denuvo i believe it will still become a huge commerical success. Perhaps it would even have sold more units because there are people who simply refuse to buy any game no matter how good it is as long as it has denuvo.
Piracy definitely has an impact on mediocre game that is lacking in every aspect. But then again the average person who pirate is probably broke and is probably never going buying it anyway so 🤷♂️
Denuvo profits off game developers fears of their game not being well received by gamers for reasons such as performance issues, bugs, or at its foundation is just a mediocre game.
I like to believe that the narrative that piracy hurt sales is only true for medicore/bad games because the average pirate is broke and they are not going to buy your game just because of denuvo and those who can afford to buy will choose not to after getting to try it.
On the other hand good games will always be commerical successful with or without denuvo.