Earlier quoted context omitted.
Legitimate SEO is still alive. Gaming SEO is now a losing proposition. I've told stakeholders for at least the last 5 years that writing genuine and relevant content is 90% of the job. Technical SEO is basically a task to not screw up and offend the crawlers. Web vitals is an interesting new twist but it's a better game than AMP was.
Web vitals have very little impact on SEO though. Some of the top ranked sites have awful scores. Google has never said how much impact it has not I'd bet close to 5%.
I should specify that we are a timely news site, so there's some different mechanics at play. We mostly rank for content posted within the last 24-48 hours. Google has a slightly different set of rules for that kind of content vs marketing or evergreen.