I think the question of whether Arcane Eye is a game busting spell has really two questions tucked inside it…
1. Is one player scouting ahead a game busting event?
2. Is Arcane Eye a particularly bothersome form of scouting?
I think question 1 is very table-dependent and we can’t really adjudicate it here. We can discuss the range of possible out-game reactions to scouting and ideas for dealing with them, but ultimately those may or may not land at a given table.
Question 2, on the other hand, can probably be answered more objectively. If scouting is going to happen at all, is it worse to allocate a warm body (e.g., your friendly party Rogue) to the task, or to use some more or less discreet form of magical sensor (e.g., a simple familiar, or Arcane Eye)?
Personally, I would say the latter method is less disruptive as far as gameplay goes, because the player doing the magical scouting can simultaneously narrate everything they’re seeing. Thus, there is a plausible in-game mechanism for the whole party to be real-time spectactors and commentators of the scouting. Whereas having one of the characters actually go and do it does not provide an obvious way to phone back to base, unless very short range Message cantrips are used, or else a more range-friendly spell (in which case, if you had such spell available, why not use your magic to scout directly instead of risking your Rogue’s life?)…
Furthermore, while there is always a possibility that the scouting is detected, the consequences are much worse in the case of the party Rogue being several rooms ahead of their comrades. They could be in real trouble, possibly with no means of contacting the rest of the party. Now that’s a real spotlight hog, much worse than granting real-time God’s view to the whole party. Not to mention the hassle of dying for the player of the Rogue, and of needing to carry a fallen comrade back to town for the rest of the party.
So all in all, I would say Arcane Eye is no more broken than a simple familiar, and both of those are better scouting options than a Rogue as far as the whole party is concerned.
But if your table has an adverse relationship with scouting in general, then this particular spell won’t fix that.
By the way, this is a terrific spell to use in conjunction with a Diviner 6’s Expert Divination feature.