This is the natural conclusion based on the responses you've received, most of which are appropriately focused on the survival and well-being of the tree. But
@Ohmy222 raised an important point: your choice of substrate will also have a significant impact on the aesthetic future and potential of your tree.
I can only speak about the differences I've observed at opposite extremes of the spectrum:
MOST of my Japanese Maples are in a mixture of equal parts peat-loam and composted pine mulch. The composted pine mulch is great because Japanese Maples like a nice porous soil that is slightly on the acidic
side. The trees are as healthy as can be.
But none of these Japanese Maples are destined to be bonsai.
My Japanese Maples destined for bonsai are in a mix that is the same or similar to the one
@River's Edge described above.
Conclusion: when I repot my 'landscape' Japanese Maples the roots systems do not look anything like the root systems of my 'bonsai' Japanese Maples. The roots are lengthier, less ramified, and despite consistent 'bonsai style' pruning of the roots they do not generate fine feeder roots around the trunk. Instead, the roots seem to go 'searching' around the pot. I wish I had pictures of the roots of my 'landscape' Japanese Maples, but I don't unfortunately. I did attach 3 images of one of my 'bonsai' Japanese Maples tracked on March 2019, March 2020, and March 2021. I am confident that this progress would
not be possible in the organic mix that I use for my 'landscape' Japanese Maples.
So yes, aeration, drainage and water retention are important and can be achieved with many types of substrate, but a concern about health/survival of your bonsai is only half the story.
I have met people who have spent the last 30 years pre-occupied by the heath of their bonsai. To me, the goal is to find the right substrate and attune your behaviour to it so that you don't have to think about the survival of your bonsai and can focus on doing bonsai.