I'm glad you used old.reddit.com as your example and you also almost nailed my age group (45+).
As a user, I'd point to Reddit as the quintessential example of unnecessary change for the sake of change. To my elderly sensibilities, old.reddit.com is better in every single way than the new travesty. Loads faster, less janky, nothing jumping around as content loads, no autoplaying, denser presentation, fills the browser window as I maximize it--by the way this is my #1 bugaboo with "modern" web design: stop constraining content to a tiny vertical strip in the center of the damn browser!!! I have a 27" monitor and I want to use the whole thing goddamnit.
So from the point of view of an end user like me, they took something great and ruined everything. I can't imagine that a 25 year old likes the new design better, but then again I can't put myself into the shoes of a 25 year old, so maybe they love jank, autoplaying videos, and constant pop-ups begging them to log in or use the app.
I'm sure from the point of view of Reddit however, the new design is awesome in all ways they measure. Probably revenue, "engagement" (ugggghhhh I hate that word), time on site (thanks to infinite scrolling), whatever it is they find important and prioritize. I can tell you they don't prioritize "usable by a 45 year old with disposable income".