The software we use is 1000 times more complex than it was 20 years ago, leading to performance that really have not improved a lot, and a lot of functional stagnation. Many applications are slower to start today than they were 10 years ago, because back then they were binaries and today they are Electron apps. Your average web based word processor with cloud storage performs about the same as Microsoft Word did on Windows 3.1 on a 486 saving onto a floppy. Screens are bigger, resolutions are bigger, but the content is largely the same because the limit is human perception not technology.
If you actually keep things simple, you can build absolutely ridiculous things off modern hardware. I'm running an Internet search engine out of my living room. You could not that 20 years ago. What makes it possible is modern SSDs and the absolutely mind-boggling computing power of modern CPU.