Totally. Although since my previous comment, the official status page has been updated to mention issues with some non-Old components: "Native Mobile Apps" "Vote Processing" "Comment Processing" so I suppose the DownDetector spike is an unknown combination of people using Old and people using those other things. I assume New web/desktop reddit is able to operate when those functions are degraded by reading from stale cache / faraway regions / other fallbacks, while Old reddit is more directly coupled to those degraded functions.
I hope this is temporary.