I’m personally a high fan of light mode, and rarely use dark mode. That being said, the comparison with paper isn’t very apt. LCDs produce their own light, and OLEDS exacerbate the difference by only emitting light for the background, and none for the text. It’s very different from using ambient reflected light.

If you take a non backlight e-ink display and put it next to a light mode OLED with the same brightness as the environment, the difference is (slight pun intended) night and day. There’s no configuration possible on my phone to make it more legible than a book it sits next to in low light conditions.

Also after years of having light mode only Phrasing, I recently added a dark mode. Not to look cool in dark mode, but because it’s often the first thing I use in the morning and last think I use at night. After a year of minim-brightness still-squinting at the screen, it was truly remarkable the physical difference a #000 background made in the dark with an OLED screen.