I think that Scrum is a fantastic framework for software projects. With that said though, only having those three roles leaves a gaping hole in the team. Whether or not you remove the developers' titles, it doesn't change the fact that there are indeed junior level, intermediate, and senior level developers on the team.
I have seen it so many times where the Product Owner (PO) writes all of the user stories. And of course that PO, though they may have been at one time in the past, is not a technical person. The stories written by a PO are not technical like the tech specs used to be in the Waterfall framework. But if you think back to the days of Waterfall, who wrote the tech specs? The senior developers did. The FA (functional analyst) wrote the business requirements, and the senior developers took those requirements and created tech specs for the developers to follow.
Fast forward to today, that tech spec is missing. If you don't have senior developers "leading" the developers you end up with a lot of tech debt. I have seen it. I would suggest a little tweak...
Make sure that each development team has one senior developer, and the rest are intermediate and junior. The PO writes the epics and the high-level stories, but the senior developer writes the lower-level stories that get assigned to the developers.
And under no circumstances should a PO be making technical decisions; those should be made by the senior developer, or they should at least be giving the final approval on technical decisions. I've seen so many times where the PO makes technical decisions, and promises are made based on them, before the development team even sees the requirements.