There are very broadly two kinds of top managers - one who needs the best players to do their best to build a great team, and the second builds a system that gets average players to do their one or two special things well.
Now Moyes was not a thought through decision, so I'm going to leave him out of this. LVG was more in the second build, got a lot of stars he didn't know how to use, and inevitably failed because his system was too rigid. Jose was strongly in the first bracket, get the best possible players for lots of money and we'll figure the rest out.
Ole has been the only manager so far who has somewhat figured out being that second kind of manager. It's great for the owners, because he's showing that it has the same odds of success (no matter how mediocre) as Mourinho's spending spree. We are roughly a team capable of winning the Europa League and maybe one of the domestic cups again, after the end-of-Mourinho dip.
Coming to his contract, we'll likely renew it by the end of this season. His severance is not going to be astronomical, but I think he'll get the extension. Ole shutting up and working with what he has, has been key to financial stability during the COVID period. The brand value hasn't massively diluted in his time because there has been enough 'hope' around. So from the owner's perspective, until they find a manager that can 100000% build on Ole's project, with the same squad utilization tendencies but at a higher level of ability, I don't think they're going to rock this boat until CL football is under threat.
Renewing it in the middle of next season will only cause chaos. It creates a mix of uncertainty amongst players and the coaching stuff, and that is cancerous in its nature.