Dragon fire is not getting "destroyed". People said this last time and he turned out just fine. They do a pretty good job of normalizing things. IMO they wont do anything to Liu's strings because that will also nerf both flame fist and dualist (which needs a buff rather than a nerf). The only nerf I see coming to liu is mb fk being neutral on block. He will not lose any frames on cancels. This variation is built on that. People complaining about that need to learn the mu. People I play against frequently (daily) never allow me to complete 3 full revolutions of cancels. They either take the last hit of f213, back dash after certain strings, or armor out.
Bottom line is besides a few minor things, liu is where he's supposed to be. So don't worry, pick him up, he'll be fine