It's obviously nothing like a modern title but I don't think that's quite fair - it holds up in the sense that it's fun, it has good combat challenge and exploration, honestly it does. You do have to overlook lack of QoL features and the fact that you basically have to read the manual, but I don't think it's fair to mark a game down for lacking those things. It lacks the puzzles, NPCs and stories of later Zeldas but it doesn't try to have those.
Zelda 2 siimilarly lacks QoL features but it has excellent combat that's actually challenging, but fair, so yeah if you're open to it you could have a good gaming experience there.