I don’t have or want kids, so I’ve never really had to deal with the question. But thinking through my experiences as a kid, I don’t think I would do the whole Santa thing if I did have kids. For me the joy and magic of Christmas/Santa really was balanced out by the feeling of betrayal I felt once I found out I had been lied to for years in the guise of “it’s fun for little kids.” Then finding out at the same time about the Easter bunny, tooth fairy etc were all fake too led me to asking if Jesus was real. So I guess I would’ve preferred if my parents had just not done it, I would’ve preferred not being lied to.
However if I did have kids I’d be all about teaching them about Krampus. Who needs an elf on a shelf when there’s a demon that will eat you for misbehaving?