I don’t think this format is antiquated at all
24-hour ones are even better, but sadly rare.
The beauty of an analog watch is that it is a graphical display of time that doesn't even need numbers.
The hands indicate both a numeric time as well as a representative of how far through a day, hour, or minute you are.
This is the same reason that cars still have dial style gauges. The brain can parse the relative location of a rotary dial faster than it can parse 4376RPM.
Once you teach your brain how an analog clock works it reads as fast or faster than a digital clock.
... how?
Given how much we read numbers in everyday life, we have more practise at reading numbers and it requires fewer steps. Analogue clock faces are only really used for time, we do that less often and it requires more work. How could it be quicker?