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Without AC, it is impossible to prove that every set is equipotent to an ordinal (in ZF !) and it is impossible to prove that a functor is an equivalence of categories if and only if it is full faithful and essentially surjective ; so I guess that a lot of things are wrong without AC, in particular concerning combinatorial model categories because very often we have to use transfinite cardinals. For example, "Implications of large-cardinal principles in homotopical localization" or "Definable orthogonality classes in accessible categories are small" for links between large cardinal axioms and Bousfield localization.