This paper [1] takes a systematic look at many families of algorithms to see the effect of Moore's law vs algo improvements over time. tl;dr -- for families that see algorithmic improvements, they get faster by orders of magnitude over simply riding hardware improvements.

I made a short explainer video if you don't want to read the paper: https://youtu.be/R0k80fSRLts

[1]: https://ide.mit.edu/wp-content/uploads/2021/09/How_Fast_Do_A...