That gets more cumbersome if the table has indexes (you will have to create them on the new table), and even more cumbersome if foreign keys point to it (you will have to drop them before step 3 and recreate them after step 4)
“Copy all data” also can be difficult if the table has data that the database created that must stay the same because you use it elsewhere. That shouldn’t be a problem with SQLite, as it doesn’t allow rowid as foreign key, but if you use it as a foreign key outside the database, or use the hash of a full row to detect changes, it may still bite you.
It also may mean being offline for a significant amount of time, but that also often is (effectively) the case for databases that support deleting columns
“Copy all data” also can be difficult if the table has data that the database created that must stay the same because you use it elsewhere. That shouldn’t be a problem with SQLite, as it doesn’t allow rowid as foreign key, but if you use it as a foreign key outside the database, or use the hash of a full row to detect changes, it may still bite you.
It also may mean being offline for a significant amount of time, but that also often is (effectively) the case for databases that support deleting columns