I was similar, with a 15-ish year gap and I restarted over 10 years ago. I now knit fairly prolifically, mainly aran jumpers/cardigans and socks, but also hats, gloves and other accessories as needed for me and my family.
I use Drops yarn a lot for jumpers because it's so cheap and is good quality. Drops also have frequent 30% off sales, which helps. Drops Alaska is tough and hardwearing, their alpaca blends are soft and light but can pill a lot over time and Drops Air is gorgeously soft and light.
The Garnstudio site (official Drops site) shows the yarn colours fairly accurately, especially on a tablet versus my laptop. I use a variety of superwash sock yarns for socks and love the new Yarnsmiths (Wool warehouse brand) merino sock yarn for hats, gloves etc. Malabrigo is gorgeous for small shawls and scarves, but very pricey so I only buy it occasionally. I tend to have several different types of knits and one crochet on the go at a time and do a little of each one most days, as I enjoy the variety.
I'm excitedly planning to attempt a traditional gansey for my next slow/long-term project, and some felted project bags, in an attempt to learn to flick, to speed up my knitting--the felting will hopefully obscure any messy knitting caused by learning a new technique!!!
For me, the main difference was shopping online to get pure wool or sock wool, versus previously buying in local yarn shops or John Lewis.
Since you were a very capable knitter, you'll probably get back into it in no time. I hope you enjoy your journey!
Sorry for the essay!