I prefer this cover version by an artist heretofore unknown to me -- Timmy Sean.
The short version: Mr. Sean decided the best way to recreate the thing was to do it a la early-middle (1965) Beatles stuff, in the vein of "I'll Be Back," or "Things We Said Today." And I think he was absoutely right.
As for the official version? It's a nice footnote to Beatles history, which is all anybody could have hoped for or expected. Frankly, of the three unfinished John demos Yoko gave to Paul, "Now and Then" was clearly the weakest, and compared to "Free as a Bird" or "Real Love" (and I think the Jeff Lynne version of the latter is an A-list Beatles record) it was always gonna be a disappointment, no matter how the surviving Fabs embellished it.
In any event, as I said, the 2023 Paul and Ringo version is very nice, and frankly, if you profess to dislike it, you're just being difficult and deliberately hepper-than-thou.
In other words, get over yourself.
I should add that I'm now very curious about other stuff by Mr. Sean; you can find out more about him over at his official website HERE.
I should also add that if Jeff Lynne had produced the new one with the same panache as he did the earlier two, we probably wouldn't even be having these arguments.