Given rolling stock should have a lifespan of up to 40 years (particularly electric stock), I don't think there is anything untoward about an average age around the 20 mark. And as others have said, the perceived quality for passengers is dependent on many more factors than age.
Electric rolling stock might manage 40 years, but very few diesel trains do, (most first generation DMUs only managed nearer 30 years), and those that get to age 40 normally had a proportion of the fleet withdrawn to be parted out for spare parts.
As
@Clarence Yard has clearly explained, the aging GWR 15x and 16x fleet is now simply wearing through parts, faster than spare parts can be bought, or exchanged for refurbished parts. The effect is have quite a number of units semi-permanently out of service (or stopped awaiting repair in Railway speak). So from available for service no different to if a token number were formally withdrawn.
It brings a dilemma should a proportion of 175s be seen as replacements (thus allowing small number of older fleet to be withdrawn and parted out for extra spares), but that reduces the economic justification for the 175s if some are replacements rather than extra for capacity. Or do GWR need to push DFT for extra capacity knowing they will have a handful of units that are always unserviceable, waiting parts, not able to enter service, so effectively dead anyway.
If all 175s arrive, and about 16 vehicles replace castle HSTs, and about 30-35 release the IETs covering Cardiff-SW and Bristol-Worcester trains, and about 10-20 replace the dead 15x and 16x then West hasn't really got any extra local capacity.
And of course it will be 5-7 years before any trains under project Churchward enter service and there is a big question of being able to maintain all the 15x and 16x for another 5-7 years as already can't keep them all in service.