It's much more likely that a two state solution would lead to the international community regarding the conflict as "solved", and so will kill any movement towards justice.
This will overtime result in the dilution of the Palestinian identity amongst Palestinian refugees, since we will just be told to move on and to assimilate into the countries where we seeked refuge to.
In the meantime, the Palestinian state will continue to be a client state under the complete control and domination of its much more powerful neighbor.
I really cannot see a single example in history where acceptance of the settler colonial state lead to true justice for the indigenous population.
If you look at the USA and Canada for example, the indigenous population continues to fair significantly worse off than the settler population despite being equal on paper (which isn't the case for us in Israeli law). Also despite the indigenous population in USA/Canada being significantly smaller than the settler population, and therefore representing a much smaller threat to the domination of the settlers.
In historic Palestine, both the settlers and the indigenous population have population parity, but when Palestinian refugees are counted, we outnumber them 2:1. So they are significantly less likely to provide even on paper equality, less alone true equality.
Big L tbh. Any “solution” that doesn’t include the refugees returning is just a solution to protect the Israeli ethnostate.