ED's primary flaw isn't in the graphics quality (which remains passable for the style it's in), it's the depth of implementation. Mile wide, inch deep, with many things.
Visually though, the vertex count you can push through a modern card has increased significantly, so an asset overhaul is in order. I don't think the underlying APIs have changed that much (DirectX) so the engine itself would probably stand more or less unchanged*.
Bear in mind when making SC/ED comparisons - ED attempts (not always successfully) to maintain a stable (ish) build and ensure the follks who already own the game can still play but wants to paywall certain aspects. SC says 'everyone gets everything, but balls to stability and old hardware, let's go bleeding edge, with EVERYTHING, ALL THE TIME'. They've got similar 'end targets' in mind (Braben and Roberts' visions), but they have (well I'd say had, up to Odyssey's release) differing implementation strategies.
This means ED has a lot more legacy assets to maintain (and shows where a lot of SC's constant reiteration time goes - how many versions of the Constellation have been redone now?). Overhauling them to accomodate say, ship interiors, without completely breaking the existing asset for those that should not be able to see said interiors can be a lot of work, especially if you're using a datagram to generate a local asset. (This ship, this skin, this/these colour/s, etc, etc). How do you standardise that so multiple client versions (paywall levels) can get the data they need (and ideally not the data they don't)?
Anywho, for the OP's question. Yeah, course you could slap a new renderer in it. But there's more to the game than the front end.
*: It looks like COBRA currently generates occulsion volumes badly (if it's resolving from visual mesh representations this could be why) and/or requires manual adjustment. These are used for culling, and have certainly been or are a factor in some of the horrid performance related and graphical bugs we've seen. Fair disclaimer: I focussed on graphics coding in my degree, but that was over 20 years ago and I didn't spend too long in coding afterward. I'm rusty.