Weight is not the be-all end-all criteria for selecting a bicycle or measuring its value for the user. There are other features not alweays appreciatedby weight weenie obsessed enthusiasts. Durability, price, nostalgia (in the case of the OP), intended use and a host of other factors may make an "old school" Varsity just the ticket.
Pictured is a $5 garage sale find in 2006, second picture is the Varsity refitted with upright handlebars from my old parts bin, used for the last 11 years for local shopping with a $10 garage sale trailer.