Cassettes can have perfectly fine quality. A good Type IV tape and a player with a decent head and Dolby NR (and a cassette mastered for the same) will be perfectly good for domestic use (not enough continuous playtime for wear to be a concern, no extreme environmental conditions during storage or playback).Horrible audio. Might as well bring back 4 & 8 track players. Three awful formats can be yours!
A cheap Type I tape on a bargain basement player with no Dolby? Yeah, that'll be awful, just like listening to music via youtube videos.
An old-stock but high-end-at-the-time cassette player will always be superior to a 'new' player as long as it is functional or has only basic repair required (e.g. new belts or general cleaning and degreasing).
Very unlikely. Even if they decide to stamp new metal and add a new motor & flywheel, there's only the one manufacturer of heads left and they only make the most absolute bottom-quality bargain-basement heads.most of them have had the same Chinese-made mechanism and the quality has not been very good.
I hope that this one has something better.