If you have 32-bit VST plugins from 2008 that were never updated, the old 32-bit WavePad will run them perfectly. The new 64-bit version often rejects these legacy plugins unless you use a bridging tool (like jBridge).
Older versions are frequently preferred for their compatibility with vintage Windows architectures (like XP or 7) and their small installation footprint. Some users specifically seek older builds because certain features, like recording "what you hear" from speakers, were unbundled into separate apps like SoundTap in newer releases. wavepad sound editor old version new