As long as you don't disturb it, you can keep it, same for knob and tube.
Unfortunately insulating around it is disturbing it, especially now as spray foam is hugely popular.
Speaking of HVAC thats where I see the most violations with k&t, where HVAC installers put metal ducts within 3 inches of it (394.19), or even pinching it. I have also seen it inside joist bays used for return air to a furnace.
Another problem I see is when EC's do a panel upgrade and use breakers over 15A (I have seen 20 and even 30's) its understandable they see a large AWG k&t wire at the panel and presume its all that size wire, when infact k&t was 'plumbed'. That larger wire only extends down the middle of a house, then tapped off it are 14 awg to the 'lighting outlets'. I have seen k&t wires as big as #8 (solid) run down the middle of an attic, this was becasue the original power source was a 32V or 120V delco DC generator (ungrounded system). Probably more common in rural farm houses as it took a long time for the grid to reach some places.