It's true that HN looks old - it looked old before you were born, probably - but (a) I have no idea how to change it, and (b) the whole of HN is a long bet on plain text. If the smartest young people lose interest in reading, I'm ok with HN dying for that reason. I just don't want it to die for any cheaper reason.
I do find that my peers that now read HN used to be judicial about curating a Reddit feed and mostly otherwise limited on other sources. Short-form content is addictive and as nearly as unavoidable as sugar, but many of my brighter peers work on reducing that intake. Long-form YouTube is also something I find to be a marker of someone who is seeking knowledge. Many of my peers do scroll Twitter and TikTok all day, but I find that those who are easiest to chat with are those who have already scrolled HN today and want to discuss a particular article they know I would have seen. I've had conversations that start with "Did you see that TikTok?" and conversations that start with "Did you see that article on HN?" and the latter is always more engaging.
That said, it's a commercial closed-source single point of failure.