These are two different things. A cooling system that's full of degraded coolant is in worse shape than one that's slightly low on fresh coolant. Coolant has a service life — typically two years for green conventional antifreeze, up to five years for extended-life orange or pink formulations (HOAT/OAT chemistry). After that, the corrosion inhibitors break down and the coolant begins attacking the aluminum and rubber components in the system rather than protecting them.
Degraded coolant often looks visually fine. You can't assess its condition by opening the overflow reservoir and looking. We test with a refractometer and chemical test strips to check the freeze/boil protection range and inhibitor strength. This takes about five minutes and tells you definitively whether the coolant is still doing its job.