I agree with you on multithreading. But for most Emacs users, the rich and highly customisable keyboard-driven UI (including packages like embark, which-key, transient, hydra, ivy/helm/vertico, etc.) is one of its strengths over traditional GUI IDEs. It doesn't need to be "state of the art" to be good, and there's a reason that Emacs has remained popular despite its age. Sure, it's not going to appeal to most VS Code users, but that isn't the point of Emacs.

Does this look like 1978 to you? <https://www.gnu.org/software/emacs/tour/>