I disagree. The right wing media circle's effectiveness is over inflated depending on the state of the economy. When the economy was bad, Obama started getting unpopular. When the economy was good, Obama got popular again. The right wing freak outs never stopped whether he was at 45% approval or 60% approval.
When people are paying extra for groceries and gas, and interest rates are high, people blame the president. When inflation is normal, gas prices are low, and interest rates are low the president tends to be popular historically. Biden looking and sounding older than any modern presidents hurts him, whereas Generic Democrat President (50-64yo) would be in a better position. Maybe I'm wrong and Biden is back to 50% if the economy goes as I mentioned (and I will say, working in finance, a lot of people believe it will go that way). But I think he's gonna lag behind historical numbers due to him being...him. I'd ultimately still bet on him to win re-election, this is simply about overall approval rates and sentiments.
(I'm not questioning his mental capacity, dude seems pretty sharp when he talks about issues and according to virtually all behind-the-scenes accounts you read about.)