I'm running Debian 12 (since the soft freeze I think) on my newly built AMD 7700X. I wouldn't exactly call that "ancient hardware".
Zero issue. No headaches for me. FWIW I'm running Debian since Debian 1.1 (1.1, not 11).
Alternatively, one can use OCI containers (e.g. Docker) for something even more recent, or software unavailable on Debian altogether. That way, you can have a very stable base server OS, with isolated bits of something more recent, feature packed, albeit sometimes a bit more unstable.
Those aren't the only options, of course, but they are pretty viable, depending on your use case. Personally, I also didn't see any issues with the ~10 year EOL of some of the RPM distros, as long as you care mostly about security updates/stability and not recent features.
I've had an order of magnitude more breakage on regular Ubuntu updates than on Debian testing. That being said, I ditched Ubuntu probably a decade ago and it might go out better now.