Aion/olam is translated according to the translators understanding of the context. It usually means a long time.
Covenant cosmotology is biblical. Revelation 20:11 speaks of heavens and earth fleeing at the white throne. They are not literal.
I dont think the ancient Jews concerned themselves much with natural cosmotology.
There is a good paper here:
https://www.preteristarchive.com/2010_demar_2-peter-3-the-passing-away-of-heaven-and-earth/