There is a compact mode on the new design since day one, even the classic mode doesn't have the "card" design. This is never mentioned by people who complain (you included).

In compact mode, they (new/old) have a similar number of posts on the screen (old: 11, new: 9). It has less because the "promoted" has a larger button, one could even argue this makes them stand out more than on old reddit.

I would agree that the lack of link colors make it slightly more annoying to read compact mode on the new one though, compared directly.