I agree with you on multithreading. But for most Emacs users, the rich and highly customisable keyboard-driven UI (including packages like embark, which-key, transient, hydra, ivy/helm/vertico, etc.) is one of its strengths over traditional GUI IDEs. It doesn't need to be "state of the art" to be good, and there's a reason that Emacs has remained popular despite its age. Sure, it's not going to appeal to most VS Code users, but that isn't the point of Emacs.
Emacs isn't popular. It might've been in the 90s, but its star has faded now. It has niche appeal at best. Virtually everyone I interact with professionally views it as a dim memory best left in the past, or as something just inscrutably weird. Part of the reason why is "it's the UI, stupid". It needs a far better UX out of the box and by "better" I mean "more aligned with what literally every other program you are likely to use does for UX". (Just enabling cua-mode by default, and making the user toggle on "vanilla Emacs", would go far.) Most developers these days were brought up with Windows or Mac; they don't want to pretend to be using a PDP-11 or Lisp machine. One of the truths preached in the Gospel of Mac is that ALL programs need to be consistent with one another, and use the same visual look, menu hierarchy, and keybindings for corresponding commands.