Not really that compact… The vertical density has been increased by at most 20% (if one hides the filters), and the horizontal density has been increased by 6–15% (depending on viewport width), for a total (area) density increase of no more than 40%.
For comparison, in the “Pre-Modern” UI, the information density was 100% higher in the vertical dimension, and 25% higher in the horizontal direction, for a total increase of 150% in information per area (i.e., the information density used to be 2.5× higher than in the current default mode, and around 1.8× higher than in the new pseudo-“compact” mode).