I’d say your climate is the deciding factor. I’m in the south and a fan over the bed is a wonderful thing, but maybe not that exact fan. Maybe something white and low profile to blend into the ceiling?

I'm in Connecticut where we have freezing Winters but humid summers. ὠ2

Fans are great and can make a hot room much more pleasant for sleeping and lounging. If your ceiling is low, I'd get a white hugger fan to make the fan as unobtrusive as possible. I installed a Monte Carlo Clarity II which comes in three sizes. It is very quiet. If you get a fan with a light, be sure the light is shaded from the blades, otherwise you'll get shadows from the spinning blades whenever the light and fan are both on. The light of the Clarity II is shaded; here's a photo of a fan whose light isn't.

The fan needs to go, but, its up to you, if you want to replace with a nice one, or a light fixture. Do you use the fan? Would you miss it if it were not there? I use mine for many months out of the year. So, in my case, I would replace it.

@cat_ky We do use the fan for maybe around half the year or less. If it goes then we wouldn't miss it too badly. We have a tower fan too.

A ceiling fan will blow down on you and make you cooler than a tower fan.