And browsers now feel slow if they don't respond perfectly to touch input on my tablet. We used to tolerate much slower response times.
The second app took more than ten times longer, but it never left me doubting if it even noticed my click and how long I have to wait. That makes a world of difference.
90s era software was written in the expectation that the computer is slow, and having progress indicators on screen or in the status bar for a lot of tasks was common (and if that was too much work at least the cursor was updated instantly to show that work is done). Today most software is written in the expectation that everything works instantly, and if it doesn't the user experience falls apart quickly.
While now the UI is more regularly decoupled from the application, the awareness that updating the user seems to have somewhat fallen by the wayside, and so a big ol' spinner, or a largely fictitious progress bar that isn't actually tethered to any measure of work, shows up and you get situations like "well, the progress bar is at 130%, but I sure don't feel like I'm at 130%...".
This isn't the tools, it's a poor use of them, and it lends a lot of ammunition to folks who want to back-in-my-day while ignoring that a lot of other parts of the stuff we had back in our day kinda...sucked. Some of it (not everything!) just happened to be good at this one thing!