I've been running a training experiment since the start of the year, based on the notion that aging athletes can still improve one performance thing:
efficiency.
It's common knowledge that we can't do anything about the gradual reduction of max. heart rate, and thus the reduction of VO₂max. We can slow down the decline through training, but there's not stopping it.
But we apparently can continue to improve
efficiency, or the
ability to produce the same power at a reduced heart rate. And the best way to increase efficiency apparently is through long endurance workouts and strength training.
So since January 1st, I've been doing only long indoor climbs at high zone 2/low zone 3 pace, as well as regular leg strength workouts. My total workout training stress score (TSS) and duration was about the same as last January, when I was doing only mixed-pace rides and no strength workouts.
The results: Here is my power vs. heart rate graph comparison. Red is last year, blue is this year.

Lower is better. It's clear that my power at a given heart rate is significantly lower than last year. Except at the higher power outputs, which I haven't trained so far this year.
The advantage of being able to put out more power at endurance/tempo heart rate should be obvious. I'm hoping that this improved efficiency will be a good base for improving the threshold power. We'll soon see.