Yes, and the USB adapter is often $300+ and may not work on a modern OS (still needs drivers). It can probably be done in an XP VM, but it's another layer of complexity to the system at a fair percentage of the price for the unit, so it's at least worth considering.
Not sure why you think this UPL is newer - they haven't made them in 20 years. Expect it to have just as many hours and a similar age to other units - if you get a Windows 95 based unit, you have a new one, a good number were DOS. That said, from the lack of yellowing from the plastics, this one probably wasn't kept near a window. Yes it looks nice and was probably well cared for (wouldn't be surprised if the LCD or backlight is just a new replacement), but that doesn't mean you're getting a newer instrument.
Not sure if there's availability, but the Prism Sound dScope III is a pretty capable USB Audio analyzer that probably still has its software package downloadable from the manufacturer. I think the overall specs are a little lower, but if you're considering the host computer route, it's somewhat newer and has a much smaller bench footprint. The QA403 is a reasonable choice, especially for the price, and its software is pretty fully featured. I could be wrong, but I believe the UPL and AP analyzers support higher input voltages, so for some kinds of testing they may be a better choice than the other units. It could also be worth identifying any specific measurements you need that may not be usual - I remember an audio tech complaining about the UPV for removing some of the record player specific measurements that the UPL had, and especially if you don't want to be trying to do your own scripting, having those built in could be a big value proposition.