Kevin the if you don't like it leave doesn't seem appropriate as an answer to a constantly changing business. For many years member retention was a critical issue to clubs , even if today it's not.
As to freebies for children til age 27 that's quite generous. Given the demand for tee times in our area. I'm guessing there are some restrictions? For clubs owned by membership they can craft their own rules and regulations but someone who understands logistics ought to be involved. We've see architecture by committee over the last fifty years and for the most part it's been a failure.
Archie, it has worked for us maybe because of the club's relatively strong position in the local area. Member-owned, it has always been a family club with swimming, tennis and a (good) golf course. Pre-2020, we averaged 23-25,000 rounds per year (12 month season) so the golf course was never impacted. Like everywhere else, play was way up the last 18-24 months. But play by 21-27 year old "kids" has never amounted to any meaningful percentage of play.
The rationale for such a long runway for members' children to retain privileges at the club is that they would be good future members, so keeping them connected to the club after college is a good idea.
As an aside, one of the great benefits we have always offered is to allow junior members (14-17) who have been "certified" by the pro (for etiquette and basic golf skills) to bring their non-member friends as guests for a low guest fee (something like $10-15). My sons enjoyed taking their friends out for afternoon rounds via this policy. We also open the course to the local high school's boys and girls golf team...another way to invest in the future of the club.
All of the above has worked for us...YMMV of course.