I wouldn't personally feel any sadness. It seems to me to be perfectly reasonable established terminology (which is probably used by 99% of the population) and it is understood by everyone (even those who quibble). Other than in a debating chamber, using "live" to refer to "the one which is not Neutral" is never going to result in any uncertainty, let alone ambiguity.
However, note that this side-discussion has 'slid'. We were not talking about the difference between "line" and "live" (both of which abbreviate to "L" markings, anyway), but to the technical definition which says that neutral is a 'live' conductor. I would assume that everyone accepts the need to distinguish between line/live and 'the other one', and there is absolutely no point in trying to change "neutral" to some other word - so, even if one 'quibbles', it will still always be "L and N".
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