If they do a 2:1 split at $80/share and you have 200 shares, you would likely end up with 400 shares worth $40/share so essentially a wash.

The lower per-share price tends to drive demand and values higher over the next year or so. In my opinion I’d be thrilled with a stock split post merger.

For regular shares (not warrants, not sure about DWACU), if the merger fails to go through you will be compensated $10/share (the initial offering price). You’d lose any spent money over the $10 mark though.