Yeah, in my opinion that’s just unacceptable. There was way too much time invested to just throw it all away like that. Cancel sub and take a break if needed, then when the urge hits to log back into the game again all those hard earned assets will still be available.
Worst case scenario, transfer the character and all it’s assets to an in-game friend.
Hell, I take long breaks when needed but I always keep my account subbed just so my character can continue training up Omega skills. That way when I log back into the game, I can use all my equipment plus have even more skills available.