I think you're right. Part of the clue is in the name 'old' which in the IT world is often associated with something you'd want to remove, tech debt, baggage, staleness. What they'll be looking for is the right messaging to force a migration to new.

In a similar vein, there is Adobe Lightroom Classic. There are still people who aren't giving in to Adobe's predatory subscription model, but at some point the "Classic" will be deprecated in favor of "Cloud"