True, but simply improving technical performance - in terms of article distribution and pub and author recommendation - could achieve huge improvements with the existing content, but the stories posted daily, and above all older material that is currently confined to the sewers.
Clearly a balance must be struck to maintain dynamism, but Medium staff themselves regularly cite older stories of continued relevance and interest in their newsletter. They can find them because it's their job to search through the mass of articles here, and they presumably have specific search engines that can access the backend content databases.
Users just casually browsing the site miss out on a lot - and also get fed a load of outdated and plainly irrelevant content, e.g. 'Why I think Biden will win next year's election' - despite the clear signals their interaction with content provides.
Allowing older content to resurface where relevant to individual users would deliver huge value both to readers and writers, and would encourage better new content from writers, if they were reassured it wasn't a case of '48 hours to pick up a few reads, then down the plughole'.