The biggest thread to Windows is Windows itself. The stuff I've heard Microsoft is developing for Windows is the kind of stuff that could make me ditch Windows in a hearbeat, games be damned. This is coming from someone who's a Windows user only because of games at the moment, and I know a lot of my games already run on Linux - but it's just not enough at the moment, and it's not looking like it's going to change drastically any time soon. But Microsoft could make me ditch Windows anyway. Windows 11 has already been pretty bad, so I've little faith in Windows 12 improving things much - and it's sounded worrying instead of promising so far.
That said, I'm glad for the work Valve is doing to advance, well, Linux gaming, in practice. I'm not very optimistic about the future anyway, but it's a good direction to have, and it might not actually take all that much to make Linux a viable alternative. I bet that at just 10 % marketshare almost all notable games would get a Linux version as well. Well, 10 % is already as lot to ask for, but even at a much smaller marketshare, Linux support could drastically improve. Again, I'm not confident we'll get there, but it doesn't necessarily take a large screwup from Microsoft to make Linux gaming viable in the large scale. But again: Steam isn't the threat, Microsoft is. Valve is setting up Steam to be a viable option should a chance appear, but most likely Microsoft will have to provide the chance. That, or there's some other surprise development (e.g. Google/Android).
I haven't checked the situation in a while and the page you linked doesn't mention a version, but isn't that probably from an old version and not the version Steam Deck is running? The old version was based on Debian, which is mentioned on that page, but the Steam Deck version is based on Arch Linux.