HMS Hermes still had decades of service ahead

Was HMS Hermes on her last legs by 1982?

No; she was old, but her many later years with the Indian Navy show that she still had substantial service life.

The last Centaur-class carrier was not effectively exhausted in Royal Navy service by 1982. Hermes continued serving with the Indian Navy for nearly four more decades. She was no longer young, but that longevity after transfer shows that the hull retained useful life. The answer separates age from actual serviceability and modernization potential.