"And that’s the thing: The community. You do not spend several years modding a subreddit without getting to know the people and having some sort of relationship with them. The community is not an abstract, it’s people you get to know - often over several years - and that’s not something you want to leave behind."
Who is asking them to leave it all behind?
The only way you can be part of a community is by being a mod?
If mods are feeling as wronged by Reddit as how they say they feel, why not resign as a mod and just join the community as a member?
I mean you would still be part of the community you say they hold so dear but in a different capacity.
"I would think stepping down has some risks at the moment because you don’t know who’s replacing you"
This is such weak reasoning.
You can literally give an notice to the Reddit admin or whoever you are in contact with that you disagree with the way they handle things, that you are gonna step down but would like to pick your replacement personally.
Reddit would likely agree because it means that they don't have to search for a mod themselves and if the mods have such a strong connection with the community than finding a replacement should be in the realm of possibility.
The whole striking saga gives a whole lot of "We tried nothing and we are all out of ideas" vibe.