Modern software usually doesn't run at incredible speeds on an nvme drive with top of the line hardware. Modern software is often just slow. What can I do on a modern operating system today that I couldn't do on a predecessor released 20 years ago? What justifies that Windows 10 feels slower to use then Windows XP while Windows 10 runs on hardware that is tens of thousands of times faster?
Under this lens, what really defines modern software is slowness. Take away the advantage of orders of magnitude of hardware improvements and you would be left with something unusably slow.