It's one thing to make a bunch of stinkers, but then to pretend that said stinkers were in a completely alternate timeline through some sleight of hand retconning is absolutely bonkers and will fool approximately zero people. Let's hope that this is just what it claims to be: a rumor.
For mainstream fans, the whole Star Wars franchise has been diluted with mediocre stories, I don't think they'd care. It's just another SW movie to watch.
That being said, this isn't the first time decannoizing the sequels has been brought up in a rumor. I wouldn't be surprised if this was just more wishful thinking.