I don't use port-knocking but I really just don't get all those saying: "It's security theater".
We had not one but two major OpenSSH "near fiasco" (this RCE and the xz lib thing) that were both rendered unusable for attackers by using port knocking.
To me port-knocking is not "security theater": it adds one layer of defense. It's defense-in-depth. Not theater.
And the port-knocking sequence doesn't have to be always the same: it can, say, change every 30 seconds, using TOTP style secret sequence generation.
How many exploits rendered cold dead in their tracks by port-knocking shall we need before people stop saying port-knocking is security theater?
Other measures do also help... Like restrictive firewalling rules, which many criticize as "it only helps keep the logs smaller": no, they don't just help keep the logs smaller. I'm whitelisting the three ISP's IP blocks anyone can reasonably be needing to SSH from: now the attacker needs not only the zero-day, but it also need to know he needs to be on one of those three ISPs' IPs.
The argument that consists in saying: "sshd is unexploitable, so nothing else must be done to protect the server" is...
Dead.