Wolé Parks, who plays Steel, in the Arrowverse, addresses renewal chances for Superman & Lois season 4. The CW's Arrowverse is slowly dwindling down in light of Nexstar's 2022 acquisition of the network. In 2022, several Arrowverse dramas were canceled ahead of the new regime coming in with new plans for The CW. With The Flash season 9 set to be its last season, the only other returning DC TV drama this year will be Superman & Lois, which is going into season 3. While not taking place on Earth-Prime, Superman & Lois remains adjacently connected to the Arrowverse by existing in an alternative world.
https://screenrant.com/superman-lois-season-4-renewal-possibility/