They still have one Type 42 destroyer I believe but have added four much newer Meko 360 frigates (modern and fairly capable):
They also have six fairly modern and fairly capable corvettes (Meko 140s).
Three older corvettes (A-69s):
They also have three diesel electric submarines.
..and three fast troop transport ships which themselves have some good self-defense capabilities (guns and missiles)
And one large troop transport.
The Meko 360s are the biggest threat outside the subs.
These forces, although lesser in mumber, are actually much more modern and capable (both surface ships and submarines) than what the Argentines had during the Falklands war. But during that war, outside of the initial landings, the Argentine Navy did not figure in much at all to the fighting.
HERE's THE ARGENTINE NAVY SITE
It was the Argentine aircraft that wreaked the most havoc on the UK task force. Thye principally used A-4 skyhawks amd Mirage IIIs that used dumb bombs. But they proved very effective. They also used their Pucarra light attack aircraft
Their Air Force, as much as I can tell, has not been modernized too much since that time. 24 of their Pucarra attack aircraft, 34 or so A-4s and 24 or so Mirage IIIs.
One, they are friendly and would not fight. They were under a military junta back then, with a large conscript army that dominated domestic Argentine politics. The war discredited that whole manner of politics in Argentina, and led to democracy. The last time the military intervened in domestic Argentine politics was over 15 years ago (a failed coup, stopped by loyal portions of the army).
Two, they now have a much smaller and more professional, volunteer military, which cooperates with NATO abroad, and with Brazil and Chile in regional matters.
Three, the navy currently has 4 modern DDGs, each with 8 exocet and 24 SAM, superior to anything they had back then. No aircraft carrier, as they then had. 6 frigates with 4 exocet each but no modern air defense, and 3 other smaller ones 2 exocet each again without air defense, the latter being dedicated ASW designs. Each of these surface escorts has an ASW helo, torpedos, etc, the usual. There are also 6 larger patrol boats and 2 exocet armed small fast attack boats. And they have 3 quiet, German designed diesel electric submarines.
Four, the air force is much smaller, with many of the planes mothballed. They have 8 Super Etendad naval attack planes with exocet still in service - they had 14 in the 1982 war and they took out 2 ships then. For fighters, they have 20 Mirage V models (13 of them with Israeli upgrades), but all in storage not in service. They have 24 Mirage III models, with half in storage and used as 2 trainers, 10 as actual air defense fighters. They have 34 A-4 Skyraiders, a modernized version of the same old attack plane used back then, with 4 of them used as trainers. That compares to around 90 they had back then.
Overall, the air force is only about a third the size as in the early 80s and the models have not be upgraded at all, really. (The A-4s are M models, sure, but they are still antediluvean airframes). Most of the models in service are 1950s designs, a few are 1960s designs. Using all trainers and taking everything out of storage, they could field 86 jet aircraft, roughly 1/4 interceptor Mirage, 1/4 duel role Mirage improve Mirage, and the rest attack. The air force also has transports, patrol, and counterinsurgency prop planes, but nothing that would be useful in a confrontation with a first world state. (Ok, maybe some use from a dozen maritime patrol planes for ASW).
The one difference technical advance since 1982 is the wider use of exocet by the surface navy, and the presence of a handful of modern diesel electric submarines. Both reflect the lessons of the war. But frankly, the whole force is very much a peacetime one, and its few modern surface vessels are used for joint operations with NATO where needed worldwide, in international "good citizen" fashion.
Argentina is not going to fight Britain. Chavez on the other hand is making whatever trouble he can, playing very much the same reckless role the Argentine junta of that era played.