This is indeed the previous generation, but it's not even that old. When I was coming out of undergrad word2vec was the brand-new thing that was eating-up the whole field.

Indeed, before that there was a lot of work on applying classical ML classifiers (Naive Bayes, Decision Trees, SVM, Logistic Regression...) and clustering algorithms (fancily referred to as unsupervised ML) to bag-of-words vectors. This was a big field, with some overlap with Information Retrieval, lending to fancier weightings and normalizations of bag-of-words vectors (TF-IDF, BM25). There was also the whole field of Topic Modeling.

Before that there was a ton of statistical NLP modeling (Markov chains and such), primarily focused around machine translation before neural-networks got good enough (like the early version of Google Translate).

And before that there were a few decades of research on grammars (starting with Chomsky), with a lot of overlap with compilers, theoretical CS (state-machines and such) and symbolic AI (lisps, logic programming, expert systems...).

I myself don't have a very clear picture of all of this. I learned some in undergrad and read a few ancient NLP books (60s - 90s) out of curiosity. I started around the time where NLP, and AI in general, had been rather stagnant for a decade or two, it was rather boring and niche, believe it or not, but was starting to be revitalized by the new wave of ML and then word2vec with DNNs.