catflap Quest 1 users should still be able to use all their apps exactly as they do now but they won't be able to update those apps to newer versions and will miss out on new features. Any apps that rely on online features may eventually stop working. At some point in the future (probably years from now) Meta will shut down the Quest 1 app store and Quest 1 users won't be able to install apps except via sideloading.
If you use DeoVR to watch downloaded videos then that will work indefinitely.
If you use DeoVR to stream from SLR then at some point your older Quest 1 version of DeoVR will likely break after SLR makes a change on their side. If this happens then there is nothing you can do to fix it and you have to upgrade to a newer device.