If respectable newspapers and magazines cared about society, they'd follow suit, and give the extremists some competition.
That said, the answer to your question is 'no'. If respectable newspapers and magazines followed suit, they'd disappear.
The cost of production of extremism/misinformation is much lower then it is to do investigative journalism or fund bureaus, or send teams out to physical locations to report. Fact-checking costs money, editors cost money. It all adds up.
The paywall model exists in many respects because if you are reliant on advertising as primary means of revenue which does fluctuate. A solid subscription base offers stability and predictable in which to run a viable organization - if you can pull it off.
That said, most of these paywalls are not 'hard-paywalls' where you need to subscribe immediately to read anything. They are typically 'soft-paywalls' where you can read a few articles before being asked to subscribe. From that perspective, your argument falls flat.
I worked there many years ago, leading the re-design and re-platform (fun dealing with 90 years of archival content with mixed usage-rights) and paywall implementation (don't hate me, it funds journalism).
When you see how the stories get made and how people work there, well, its just amazing.