"Modern" is a bad choice of words. It means one thing for an OS researcher, and another for an enthusiast.
Exec was designed for 128K, 7MHz, and a floppydrive. At that time OS design had included proper management of all system resources for 20-odd years already. Hi-Toro just didn't have the resources available for making it happen.
If you have gigabytes memory, gigahertz processor, and terrabytes storage, you have an expectancy of having all aspects of resource management in place.
Whatever "modern" is, it will at least include what was considered good practice 45-50 years ago. That includes MP, resource tracking, swapping/paging, address virtualization.
Note that none of this means you have to have a traditional unix style fork+exec regime where all processes start from the same address and basically share nothing.
What is ironic in all this is that the Amiga gave the end user many tools and options that felt very fresh and very friendly. Things that you'd think a modern OS could do.
What _is_ modern, and what _feels_ modern is easily not the same.