DrGMHunt, CurtShannon, nickhunn, and Petterfran all hit the nail on the head. Many work processes are built around the classic comments, and for good reason: it's a well-structured process. I'm glad to see it back.
For some documents, I've warmed up to modern comments. When I'm bouncing phrasing proposals around a small review group for some 8-page release notes, they're not bad when I want to alert people and get same-day signoff.
For other segments of my work, where I'm leaving detailed comments on hundred of pages of technical instructions, the modern comments are a hellish nightmare, easily the worst process change I've had in the past few years of writing. The comments and tracked changes are two separate columns, making the screen unusable in a hurry if I'm also reviewing typos. Forget to "post"a comment and try to leave another one five pages later? I get yanked back up to the previous box, with no way to return to the previous position, hit Post, lose my train of thought, try to find my place again. Formatting? Good luck. Too many lines in a comment box? I have to click to expand and read the whole thing, even if it's the only comment on the dratted page and not that long to begin with. It's just a very shallow functionality and not at all suited to the deep-dive work that a lot of us in this thread do each day, especially since it seems to crash more.
The toggle is essential if Microsoft still wants to push modern comments, and I'd like to see the connecting line between content and comment in both versions. I'm cautiously encouraged by this acknowledgement that something is wrong and people have different use cases, though-- we'll see how things go in October.