This articulates something that's been banging around in my head for a few years now. Agile always boils down to a series of waterfalls crashing down on each other, driven by a pool of tickets with no real consideration that some tasks can't be broken down or take more than 2 weeks to complete.
"I'd like to attempt to modernize of a codebase built up over 6+ years, so we can take advantage of technology which didn't exist then." "Yeah, can you break that down for me into tasks that can be done in a single sprint, preferably in parallel?" "Sure, give me a few months." "Yeah, can you break that into 2 week sprints too?"
Even if given the time to create those tasks, they would be put in the backlog behind a pile of feature requests that nobody actually needs. They would then be culled as "Won't Do", since the backlog has gotten too big.
</rant>
[1] https://www.joelonsoftware.com/2000/04/06/things-you-should-...
[2] https://codeahoy.com/2016/04/21/when-to-rewrite-from-scratch...
Nowadays I always refer to agile as mini-waterfall, because that is how it gets actually done in most companies, with the same kind of SLAs.