Those old Kenmores are great machines!
The hook sits on the race, and the driver pushes the hook around. I've seen a lot of old Kenmores with an extra wide thread passage (that's where the hook and driver "kiss" each other at the top or bottom), or a loose driver, which can make them very noisy. The good news is, that the thread passage can be closed, and the driver can be tightened. Your local sewing machine tech. can do that, and those old machines are worth repairing.