Quite honestly, modern isn't always good... It's just, new. I'm sure in a few hundred years from now people will look back at us and think we are uneducated uncultured barbarians living in the backwoods. That's just how trends work. The same way very few people nowadays would looks at a giant feathered hat and go, oh, that's so fashionable I want to wear one.
Monarchies has their advantages. Top down systems are much more efficient when it comes to decision making. One word, or at most several words, can decide a country's fate. Noblesse oblige is also a thing. Plus having less people educated can also lead to less idiots around trying to grab for power. On the flip side, it's risky if people like this ex prince come into power. It also legalizes a degree of corruption. But then again, the same level of corruption exists nowadays and even if it's illegal not like anyone can do anything about it.
Pros and cons to everything.