You’re not missing much—the pricing and available server lineup have changed, so the direct replacement can indeed look significantly more expensive.
I’d compare the CPU type/performance, RAM, storage, and network limits, rather than just vCPU count. Depending on your workload, a slightly different Hetzner instance may actually be a better value even with fewer vCPUs.
If you need the same RAM and CPU resources as your old server, though, it does look like you’re facing a fairly substantial price increase.