Personal experience, single data point only:
Our son was a big fan of breastfeeding and the milk and the comfort of being on mom. He was weaned while we were expecting his little sister. (He was close to 2 years old.) I expected trouble when the newborn started nursing. (But I never imagined trying to keep it secret/separate.)
He complained/screamed and seemed envious the first time, maybe 2. We let him know that there wasn't room on mom's lap for the both of them and that he would have to wait his turn.
He still spent time reaching for mom's breast after that, but not when it was the baby's turn. Further, while on mom's lap, any overtures to nurse were redirected to the bottle.
It didn't take long, he didn't really "regress" to nursing at all.
I agree that older kids should be able to see themselves as part of the baby's life and care, as well as receiving plenty of individual focus themselves.