Heh.
There is the way I WANT to run the game, and the way I DO run the game . . . .
I'm currently gaming with guys I've known since college or longer, and we are all veteran, card-carrying nerds with lots of RPG experience. We are all used to the traditional, "DM makes all the decisions" style of gaming, but are all willing to push ourselves into the more collaborative, modern styles of TTRPG gaming . . . to various degrees. Ironically, my players are more likely to restrict themselves than I am when its my turn to GM.
I own all the official books and a lot of 3rd party content. Which I would happily let them use. My players each have the PHB and most of them have Tasha's plus another title or two. I'm the only one who uses D&D Beyond. They usually restrict themselves to what they already own. And even beyond that, they usually stick to the more classic races and classes . . . rarely a tiefling or dragonborn or warlock or artificer.
I'm perfectly happy running a standard D&D game with no restrictions at all. All the official stuff, any third-party stuff, even player homebrew. I have the luxury of a lot of trust with this group of folks, and I'm not worried about them bringing something super broken to the table to gain advantage.
With other players, I might feel differently. I've had some bad experiences with players creating their own, weird, homebrew classes or races that are broken and don't play well with others.
I'm hoping, next time its my turn to run a game, to try out a more collaborative approach . . . I've picked up the Arium RPG add-on, I just got my copy of the Session Zero System a few days ago, I'm currently reading the "Game Master's Handbook of Proactive Roleplaying" . . . but I'm not sure my players will be fully comfortable with the shift in focus from "DM as GOD" to, "This is OUR game!".