I really like the layout on the current iteration, it’s wraps all the relevant information in a compact item, and the overall list spacing still feels generous 
With respect to state, I don’t have a strong preference for the different options. But I think it would be great if it could be addressed more generally in a design exploration. There’s not a fully consistent system in place and rather than just looking for the right fit for the notification menu now, it could be great to have a wider exploration mapping state and context across the app and then applying it with variables.
For example, yes, the state (read/unread) is analogous to the topic list. But the context is different, and on similar context (other menu panels) a more subtle grey usually doesn’t indicate that state. Now it makes other menu items look a bit more as if they indicate some muted state as well. So I feel this could really profit from a more systematic mapping.