Older guns definitely had more craftsmanship put into them unless your talking custom guns.
However the newer guns are manufactured at a much closer and consistent tolerance with modern cnc and cmm machinery of even the last 15 years. The older guns had more hands on fitting of parts and stock work that just wouldn't be affordable in manufacturing today. Which gives older guns a certain appeal and I think they didn't skimmp on the quality of parts.
Like colt and the new hand guns 1500 dollars and they put plastic sights on.