In terms of font-size, I think it's a difficult tradeoff to make. I'm a bit impressed that the designers didn't try iconifying things and instead stuck with pure text. Again, as the admin page is not meant to be read like an article, the advantage of having small text is that at least it's possible to fit more things onto the page, in consistent locations, rather than forcing the user to scroll.
That's not to say that maybe some of the issue can be mitigated by reconsidering what needs to be on the page. I find myself being mostly OK with the typography on the App engine page because 95% of the content doesn't require my attention, and so making everything #000, as it was in the older version, has limited value to me.
I do prefer the older version's simple-table-list layout. I find Google Cloud Platform to be unusable because of its multi-column boxes-everywhere layout.