There's definitely a perception among most people outside of the party activist bubble that Biden is a do-nothing President (at best) and an incompetent senile fool (at worst), regardless of where the truth actually lies. Perceptions matter a hell of a lot more than the facts on the ground, and Democrats need to come to terms with this fact.
But shouldn’t these voters still come home to him?
Some of them will because of Trump, yes.
But there's definitely also a lot of people who are disillusioned enough with Biden's uninspired and 'boring' image (particularly young voters) that they may just stay home or vote 3rd party in 2024, even against Trump. Regardless of how true such a paradigm actually is, a lot of young voters (especially young leftists) see establishment liberals and Republicans as being nothing but two sides of the same corporatist coin.
American politics is something that's very easy to get disillusioned about in the modern day, and you're not going to win many favors by trying to explain Mixed Monetary Theory to someone who's complaining about their leaky roof.
Are we comparing this to 2016 again ?
2016 was a unique case because of Hillary Clinton; Biden doesn't have any of Hillary's issues, even if he's a moderate.
You just named one issue right there in the last clause.