There are of course a variety of factors, including the popularity of the site the page is published on. The signals related to the site are often as important

There are of course a variety of factors, including the popularity of the site the page is published on. The signals related to the site are often as important as the content on the page itself. Even different parts of the same site can lend varying weight to something published in that section. Engagement, as measured in clicks and time spent on page, plays a big part. But you're right, to a degree, as frequently updated pages can rank higher in many areas. A newly published page has been recently updated. A lot depends on the (algorithmically perceived) topic too. Where news is concerned, you're completely right, algos are always going to favor newer content unless your search terms specify otherwise. PageRank, in it's original form, is long dead. Inbound link related signals are much more complex and contextual now, and other types of signals get more weight.