Bringing this back because I've been thinking a bit about it, I do think it's interesting to question as a pure hypothetical if the Ancients would have been amenable to supposed equals like the dragons rather than the Ascians. The Ascians were never gonna embrace that, but how would the Ancients, before everything exploded, have taken it? We know it'd be a new concept to them.
And maybe it's my general cynicism about them, but I honestly don't think even at their height, the Ancients would've taken it well, they'd just take it poorly in a different way than they did later. The Ancients seem to take it as a given that they're at the top of it all; they don't take this in a particularly evil way, they don't go supremacist with it like the Garleans (or the Ascians) did and more seem to take the approach of 'we're the doting knows-best parents of every single thing in the world'; more subtly paternalistic and patronizing than actively hateful. They do seem to take an approach that this position means different rules apply to them, though: they're certainly pretty horrified at Athena basically treating Ancients the way Ancients treat other life forms--justifiably so, but it's interesting to see where that line is for them. (There's also the question raised around Athena of what their relationship with the notion of 'gods' is, but we don't really have enough info to work with.)
All that is to say, I don't think their overall worldview has room for 'unlike equals', and they'd probably try to fit their view of dragons as somewhere beneath them as a result. Exactly how, I'm not sure, and I don't know if they'd even have one answer, but I don't think the dragons would be broadly treated and respected as equals. I think most of the Ancients we've met would've treated them as a scientific curiosity and research project, but that's largely because we mostly met Ancients in Elpis, their society's R&D center.