Do these "modern pharmaceutical manufacturing standards"
actually buy us extra safety?
Yes, but we pay a price:* Evaluations take a really long time. So it's hard to get the drugs into the hands of people.
* Development is now extremely expensive. That forces just about everyone except the largest drug mega-corporations out of the market.
* Drugs that would be a net benefit to the world sometimes never make it through the entire process because the ROI isn't good enough, or the associated side effects are deemed too harsh. (We would likely not have aspirin today if it hadn't been developed prior to the modern way of drug development... it has too many high-risk side effects)
--
On the plus side:
* The drugs you do get are generally far safer and better understood than they otherwise would be
* You can feel safe that each batch of the drug was made the same way, using the same process, and ends up having the same strength/effectiveness as every other batch of the same drug... even when made by a different company. (We take that for granted now... but it's actually a really big deal if you look at medication from a historical perspective.)
* We have far fewer snake-oil salesmen ripping people off for cures that are, at best, useless and at worst, cause the condition to get worse, or cause birth defects, or some other harm. If we do find the drug doing harm, it gets pulled off the market