I believe I encountered a situation like this before, and what it really means is that you just have to log in to see it, and Reddit is just lying to you.
It’s amazing how much worse the new redesign is. I’m not usually a “new is bad” kind of guy but it’s just way less functional. Apparently a majority of people use it at this point though, and I guess “new” is relative here.
It depends on what you’re trying to achieve with it. If you’re consuming, scrolling through content and memes and such but mostly not dwelling on things, the new one is way better than the old one. But if you’re using it as forums (announcements, discussions, that kind of thing—e.g. /r/rust for me), the new one is hopelessly bad, and the old one is rather good. Reddit is clearly not at all interested in the latter class any more.