Let’s define what is meant by the term the modern vinyl record.
It has a relatively long playing time and does so while reproducing sound in what is called high fidelity.
High fidelity, or Hi-Fi for short, simply means that the device is capable of reproducing sound accurately throughout the full hearing range of the human ear, and does so realistically, i.e., without introducing significant quantities of noise or distortion.
That is not to say that every record meets this definition.