...the author has reached the wrong conclusion from this. The problem is they weren't able to articulate why the modernization tasks were business priorities, not that the modernization wasn't a business priority in the first place.
If the tech debt is problematic, fixing it will presumably bring a number of benefits (faster development cycles, reduced defect rates, etc). They were doing the wrong work - they were doing a terrible job explaining why that work was necessary.
In many ways, tech debt and modernization is a near guaranteed way to have business impact, in a way product work is not. If you're at Meta and you figure out how to save 1% of total CPU time on the server by fixing some tech debt you can expect to be showered with money.