As somebody who did walk away from my first main work, let me tell you: one thing you are going to hear a lot is that there are readers who will be put off by this decision, which as a reader that has been put off from other authors' bodies of work because they had like half a dozen webnovels in the freezer, I can assure are real.
... But also, if you aren't getting payed for it, then you don't own shit to anybody but yourself lmao.
There aren't any wrong parties here. Your readers, past or prospective, have the right to be put off and you can't do anything about it, but if it's not working then it's not working. Burning out to keep a work you can't keep together alive isn't going to leave anybody happy. So, if you did your best and it wasn't enough, go ahead and cancel it.
But please, for your own sake, establish your relationship to it solidly and stick to your decision. You said you aren't going to delete it, and that just editing won't fix it, but are you actually planning to fix it? Think this carefully, it's still likely going to be a pretty heavy commitment even after you know better. I'm not going to tell you what to do, but if you want to do it just out of some sense of obligation, I wouldn't recommend it.
To tell you my personal experience with walking away from a project to start another though, I'm kind of mixed on it. Growth wise, Heaven in Cilifus was a botched launch, but it did afford me the opportunity to walk away, consider things from a new perspective, breath a little since my first work was starting to feel like a stone around my neck.
But keep it in mind: I'm the hypocrite who couldn't walk away and committed myself to put the stone right back where it belonged, and now am procrastinating by hiding behind further commitments. Take my words with a grain of salt, do as I say not as I do, etcetera.
Regardless, good luck with your future endeavors.