Is the feeling of skin thinning also part of aging?

My skin feels thinner than before. It turns red even with minor irritation, and I feel dryness much faster.

My skin isn't as elastic as it used to be, so it looks tired more easily when I apply makeup.

Given that my skin has thinned, would it be better to focus on regeneration or moisturization rather than strong treatments? I am curious to know what kind of care others with similar concerns started with.