Does Cardio cut into lifting gains?

I’ve been working out in earnest for about a year, I’m 50, I lift 3 times a week, full body each day. I do 60 mins of moderate cardio on the bike or elliptical 6-7 days a week. On days I do both, I always lift first, usually around 9:30am and my cardio is later in the day around 4:30/5pm. My cholesterol has dropped, my A1C dropped, all things in a great direction. I have visible abs, not full honking abs, but you can see they’re there depending on lighting mirror, etc. still have some belly fat covering the very bottom of the abs I’d love to get rid of.

A 40-year workout vet suggested to me at the gym last week that I might see more gains with lifting of if I cut back on the cardio. It was good natured advice.

Is that outdated thinking or is there merit to it? I see conflicting things online.

Thanks for taking the time.