If you change that to the 1980s, I'd agree with you. The amps of the 1940s were horrible, with power output in the 10 to 20 watt range, high distortion caused by poor quality output transformers and weak power supplies. Even though power pentodes like the 6L6 were introduced in the mid 1930s, we didn't start getting good power amps until we learned about how to wrangle output transformers and feedback and get distortion under control. Tube amps didn't start getting really interesting until the early 1960s, just before solid state amps burst on the scene, and slightly thereafter. Early SS amps were also horrible devices, generically because tube engineers didn't immediately adapt to the new design constraints of SS and ran headlong into output topology issues, and all kinds of nonlinear distortions, even slew limiting. Early 1970's SS amps were just ok. As an example, some 1970s and 1980s Crown amps were well known to break into oscillation under even moderately reactive loads, even though they sold thousands of them.
The current state of power amplification didn't really hit its stride until the 1980s. From then on, improvements in designs were largely in efficiency, size, and cost, with output devices moving from stacks of paralleled bipolar transistors and power Darligntons to MOSFETs. Then we move to the current digital and quasi-digital circuits that pack huge power into a small space with cheap devices.
Sonically, not much changed radically, though, since the early to mid 1980s. Before that things were fairly flakey.
As far as your old amp being just as good as a new one, stuff does age, capacitors dry out and degrade, controls and switch contacts get dirty, stuff happens. I once owned a Dynaco preamp that I used for years, thinking nothing had changed. One day a friend heard my system and said, "Hey, what happened to the bass?" All the coupling caps had dried out, I lost 12dB at 20Hz and never noticed because it happened gradually over time. I changed the caps, got my bass back.
Gear from the 1990s is due for some maintenances, or at least a checkup. If it's working as designed, no sonic reason to replace it though.