That "industry standard if there is such a thing" gave me a chuckle.
Try keeping backend and frontend independent of each other, saves a lot of efforts (read time debugging).
Use your backend via APIs, they are the best, can be used with any other service. You can call your APIs through web-app, mobile-app, or any other app or you can sell your data through these APIs. Now to build APIs, you can use Django REST, or Flask, or FastAPI (very fast :)) or any other web framework. I would suggest go for Django REST, but up to you, if you are a kind of person who wants to build everything from ground up, having full control, wants to know what goes in and what comes out, don't go for Django, as they say, Django is "batteries included", gives a lot of functionalities out of the box. For eg: If you want to write some filters, or ordering, or pagination, or permissions, in your APIs, in Django REST you won't to have to write any code for that, but in flask/FastAPI, you will have to, just to give you an idea.
For frontend, use react, it's supper good, large community, you will get a lot of help.
For web-server, you can go for Apache or nginx, Apache is not outdated, it's very widely used. I would prefer nginx, but it's a personal choice. In either case, you will have to use WSGI, for Python, as it's not natively supported by either web servers, you will use both of them as reverse proxy. It will be like:
apache/nginx <--> some wsgi <--> your python web server
That's backend.
Frontend will be like: Compile ReactJS project --> generate static files --> server those static files via Apache/nginx.
Hope that helps.