Bedrockgames
I post in the voice of Christopher Walken
It was scary when original published in 1897 with at least one reviewer arguing it included too much horror. In some ways, I think horror is a bit like comedy in that it ages poorly. There are still some old comedic gems out there, 600 hundred years later and "The Miller's Tale" by Chaucer is still hilarious for example. But Dracula has never been particularly frightening to me because I don't have the same anxieties Victorians did. Plus it's hard to be frightened by something when it's so familiar. Freddy Krueger used to be scary, but by the third movie he was just a burnt up bad comedian.
I still find Dracula to be a scary book. And I still find Nosferatu to the be the most frightening horror movie ever made. So I think a lot of this comes down to personal preference, what cinematic techniques are effective on you, how familiar you are with the media in question (obviously the first time I read Dracula it was more scary because I didn't know how it turned out for example). And I tend to find a lot of newer horror movies less scary than say films made in the 70s. Though I found The Witch quite scary and The Conjuring was pretty scary as well I thought (the first one). And recently saw Late Night with the Devil, which I found effective too. So not saying modern horror movies aren't also scary. Just something about movies in the 70s are the ones that tend to be most upsetting to me in terms of having a horror impact (Black Christmas is still an absolutely terrifying film IMO for instance, as is Texas Chainsaw Massacre or the Exorcist. I just rewatched the Omen and that one still bugs me out).
On Dracula, I've never found the 1931 Dracula in particular all that scary though (as much as I love the visuals of that movie, I always get bored, even though I usually like films from that era: I'd rather watch Dracula's Daughter than Dracula most days). There are plenty of Universal Movies that make more effective horror for me (like the Mummy or even the Invisible Man. And some, like Bride of Frankenstein, are maybe not especially scary but they are still in my top five of greatest horror movies of all time (because the atmosphere, the wit, the strangeness of it, the performances, the emotional weight of it, etc).