Weird to be invoking "privilege" in any of this.
If wrestling post-high school needs to be tied to universities, I think it's fine to have a redshirt. It takes time for most to get the hang of balancing the rigors of collegiate wrestling and academics--especially if they are majoring in something that makes them employable afterwards. Many non-athletes take more than 4 years to graduate so 5 years isn't unheard regardless of athletics.
What is getting out of hand are the endless extra years given for injuries, Covid, Olympic runs, whatever. Your clock should start after graduating high school--5 years. If you anticipate making an Olympic run, take that into consideration when planning your career. Want to greyshirt? Great, you just used a year of eligibility.
I'd also be fine with eligibility being tied to age to end the ridiculous habit of middle school redshirts.