Absolutely not!
The fans are paying customers, and knowing F1 and it's broadcasting partners, we will likely still be charged the same amount to go to races and watch them on tv despite receiving less on track action.
If they want to remove Friday practice, either reduce tickets prices and subscription service prices by 33%, or have an additional race on Saturday afternoon after qualification.
Eitherway, this whole thing is stupid. The current format works and as is becoming disturbingly common, people are suggesting "fixes" for things that aren't broken, rather than looking for solutions to the real problems in F1 (prize money distribution, dirty air, DRS, cost control, etc.)