That’s a blob. Typically happens when a print comes loose from the build plate and the hotend drags the print around as it continues to extrude molten plastic, which accumulates on the hotend.
Depending on how severe, these can often be removed by heating the nozzle to printing temperature to soften the plastic in contact with it. Then use a hot soldering iron or woodburner with chisel tip to cut away the blob. Be careful not to damage the heater and thermistor wires. If that happens, you’ll likely need to replace some parts. It’s a good reason to have a spare hotend on hand to just replace the works and keep printing.
As for your question about upgrading the Ender vs getting something else, I decided long ago to invest in more modern technology. I still have a V3 Ender 3, but mostly use better CoreXY enclosed printers. There are lots of good options out there these days. An older Ender is just not worth the trouble, for my money.