Performance may be improved purely in software (I don’t think this is true) but to improve power use you definitely want to keep throwing out old hardware. We’re not at the end of process shrinks yet and old stuff always uses more power.
I would imagine the extra power use probably isn't enough to outweigh the environmental costs of manufacturing new hardware, at least for your average consumer device. For servers, maybe the higher power usage is sufficiently high for it to be beneficial?
Yes, I meant at datacenter scale. In your own house the power bill/the environment won't really be helped, but newer tech does have better battery life, and that's always nice.