Speaking of classical skewing very older, news/talk is also an older skewing format.
In general, yes. Political talk tends to target a narrow audience that gets older by the day. Good talk, however, does work.
Perhaps paradoxically, however, right-leaning news/talk seems to perform at least fairly well within 6+ in Houston, Atlanta, Jacksonville, and the Piedmont Triad. (KOGO in San Diego used to be a strong performer, but they have fallen lately, in contrast to a resurgent KPBS.)
I seem to remember, at least in Houston, KTRH skews old. Atlanta and Jacksonville have their news/talk stations on FM, and they have more local news and talk blocks. The benefit of those factors might be overstated and might not be sustainable everywhere, but they definitely help. I look at a talk station where I worked 20 years ago, and it has about 1/3 of the audience it used to have. An FM talk station launched shortly after I started, and it has since overtaken my old station. The FM talker, however, has local programming from 5:30 AM to noon and again from 4:00 PM to 6:00 PM. It's doing about twice as well in the beauty contest ratings as my previous station but still isn't setting the world on fire. Granted, billing is down across the board in radio, but, even when we had almost a 10 share, we had lots of bonus and barter spots. I can't imagine the paid spot load could have gotten any better since play-by-play sports has been replaced by syndicated talk hosts, Bongino airs in place of Limbaugh, and the longtime morning host just retired a few weeks ago.
Orlando has a bigger appetite for "hot talk" than politically-minded talk.
Hot talk is designed to appeal to a younger generation. It's had mixed results, but it works very well where and when it works.