You can have both "modern web" and block most JavaScript. You just need to keep adding scripts to the whitelist until sites you trust work again. It's a bit arduous at first, but possible to get used to once everything you visit daily has been added.
Unless, of course, the site you trust is hosted in a shared hosting VM which is also vulnerable to spectre or meltdown. In which case, you can’t trust the scripts.
The web issue is easier to mitigate if not fix completely since there is already a massive infrastructure for widespread, rapid browser updates, and crippling Javascript to eliminate attack vectors such as high-resolution timers is completely acceptable.
The cloud/vm infrastructure is a massive problem though. It is 100% required that VMs be fully isolated. The entire infrastructure breaks down if they aren't.