> It was still a step up from the previous condition of serfdom and subsistence farming.

It's actually debated as to whether it was better at first.[1]

It seems for a for the first 60 years or so the standard of living may actually have fallen until the initial shock was over and working conditions etc. improved.

You are right though that modern industrialising nations may be able to leapfrog some of those difficulties allowing for a much more rapid arrival at decent living standards.

[1]https://www.econlib.org/library/Enc/IndustrialRevolutionandt...