But then again, not all markets or materials that uses the Stock to Flow Model experiences halving. This is where those destroyed or units permanently removed from circulation or the supply comes in.

That is, without BTC halving, the Stock-to-Flow model for Bitcoin would need to be recalculated or adjusted to account for the constant rate of new supply and the model would likely focus more on the existing stock of Bitcoin and its flow in the market (those in circulation), rather than the reduction in supply over time.

SC taken from Looking into it on

However, it's important to note that the Stock-to-Flow model effectiveness is closely tied to the occurrence of BTC halving, so it would rather be inaccurate because the ratios will be more stable and without drastic changes as shown in those periods between the Halvings in the image above or it will practically inapplicable without the halving.