There are in fact at least two alternative explanations on this: (1) Paul is issuing a general decree that in absolute terms means women must never have authority in any situation ever at any time; (2) this is a local issue specific to Israel at the time because Jews believed women shouldn’t have authority, and the Church allowing them to would bring it into disrepute, so this was fitting in with the local society. The second interpretation also ties in with Paul’s “all things to all people” teaching. Also Paul in other places specifically notes the difference between “I, not the Lord…”, and “The Lord, not I…”, and this line states “–I-- do not permit…”, suggesting this is from Paul rather than an ultimate directive from above.

some christians discount old testament for anything but historical purposes and consider jesus a new covenant. So the interpretation of that is it does not apply to the modern world.

Religious texts are a choose your own adventure book, even for the fundamentalists that endorse the parts like that. All believers intentionally leave room for whatever they like.