This poses its own problems:
* Academically: extreme specialization increases academic friction, as closely related but distinct subdomains struggle to consume each others' results
* Culturally: we're slowly losing a very important kind of shallow knowledge: the ability to repair small things, to converse intelligently about things outside one's area of expertise, to understand more generally that we can't derive every fact about every field from a small set of first principles.
So overall, I don't think so. I think we (including the youths) have more and deeper knowledge than ever before, at the cost of important, shallow, general knowledge.