WARNING: Do not run a telnet server
Telnet is horribly insecure. Do not run a telnet server on your computer. You do not need to do this.
Instead you can use SSH. If you were specifically interested in socket activation, like xinetd does, you can still do that with SSH. Look at /lib/systemd/system/ssh.socket and [email protected].
How to run a telnet server
If you do not want to run /etc/init.d/xinet start, you could instead run systemctl start xinetd. The first command would probably do exactly the same as the second anyway. However, that is due to special code in Debian. So I agree it is good to train yourself to use the systemd tools directly, when your system is using systemd.
However, it sounds like you are interested in writing a custom telnet.socket unit, which would match the behaviour you've read people talking about for systems based on RedHat, Arch Linux etc.
The source code for the Fedora package is currently available at https://src.fedoraproject.org/rpms/telnet/tree/master
Create the following files in /etc/systemd/system/ -
telnet.socket
[Unit]
Description=Telnet Server Activation Socket
Documentation=man:telnetd(8)
[Socket]
ListenStream=23
Accept=true
[Install]
WantedBy=sockets.target
[Unit]
Description=Telnet Server
After=local-fs.target
[Service]
ExecStart=-/usr/sbin/in.telnetd
StandardInput=socket