I just updated to Android Studio Giraffe 2022.3.1 and the new Logcat mode has been turned on for me. This was off for me in the previous version as I opted out.
Is there a way to keep the old Logcat?

I couldn't find a way to go back, and like some have written in the comments it seems like Google have decided to deprecate the good old Logcat.
Like @GuilhermeCamposHazan wrote, you can get pretty close to what we had before Android Studio Giraffe.
I currently use the "Compact Mode" mode:

And use the following settings:

The result is that I can read longer lines and don't have all the extra information that I usually don't need from Logcat.

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