Up to a point. Hostels are very irritating now in that there is always someone on their phone at all hours lighting up the entire room. Also some noise issues.
I find quieter hostels much better. When I was over in Ireland, the ones in Belfast and Dublin were awful, and in county Galway. I found wonderful ones in Co. Donegal, Armagh and Limerick.
Meh, although I'm conscious of the possibility I might be seen as a creepy old guy in his mid-thirties, I still find that hostels can be fun. I don't necessarily want to go out partying with 20 year olds, but an occasional few drinks with strangers and the ability to re-allocate funds to something more interesting than a hotel is very valuable. Travelling is already expensive as hell, I'm going to do it the way I want, and there's usually outgoing people within the same approx age range that want to do similarly.
That said, much like hotels, some hostels do suck; bedbugs are not chill, location is important, cost is important, vibe is important. I found that hostels that were more suited to families trying to save money were the least appealing as someone with just a spouse and a type B personality.
I hate paying for hotels so much that I visit my hometown less than I would otherwise if the city had a decent hostel.
I'm 58 and still choose hostels over hotels but I avoid party hostels. Sometimes I hang out with someone older than me, sometimes with someone younger than me. Usually I hang out on my own and don't mind it. I've had bedbugs in a "business hotel".
Hostels are not fun, unless you are in your early 20s.