Decided to reload my save to right back before I beat the game and I'll do everything here instead of NG+. Losing everything including credits, outposts and ships is too great a cost.
I read on reddit that there's a small chance every time you NG+ you get a variant universe where constellation members are mysteriously dead or hostile. Not sure how deep it gets but I don't think it's interesting enough to warrant losing everything. There needs to be DLC that fleshes this out enough to make it worthwhile IMO.
Edit: It looks like it affects sidequests too.
The pirate questline was the last major faction questline I never completed so I'll do that and then decide later what I'll get into NG+ wise