"modern cavalry" would most likely operate as "Dragoons."
Even one man with a semi automatic rifle would destroy a lot of cavalry if they tried to make mounted assaults.
To survive units would have to fight dismounted. The horses would provide mobility advantages but would most likely be a disadvantage during the actual fight. During the American Civil War the SOP was for one out of every 4 men to be detailed to handle the horses, while the unit fought on foot.
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