I've seen catastrophic moisture damage in every form of home construction utilized in North America from the 1850s to present day. Anecdotally the most common failure modes break down roughly thus:
1850s-1960s: Termite damage followed by rot. This time frame is notable for ready availability of dense, tightly grained building materials. Lumber from this time period shrugs off all but the most egregious wetting cycles. So what happens is high humidity attracts termites which break down the structure. This in turn gives rot a plate to establish a foothold and spread (slowly).
1970s-1990s:
This period is notable for a steady decline in quality of building materials and introduction of first and second generation engineered products. First-to-market siding products, condensation issues due to the aluminum craze in the 80s, and material adhesives edging out toward the end of their life expectancy all contribute to problems with mold/rot. Looser grained building materials also mean that when a problem is present it will quickly spread to larger areas of the structure than older materials would permit under similar conditions.
2000-2010: Easily the absolute nadir of home building in the US. The industry saw a massive influx of "budget" engineered materials, with no substantive changes to code to address the deficiencies of these materials. My personal favorite from this era include OSB siding that turned into a kitchen sponge whenever the paint layer was breached.
2010-present: same as it ever was. The market is still flooded with engineered materials that have a fraction of the life expectancy of more traditional materials. Building codes have largely caught up with the obvious limitations of these materials, however now the biggest issue is as a nation we are short two full generations of trained craftspeople in the construction industry and as such installation errors are rampant. This leads to more and bigger issues, bigger abatement projects, and in significantly newer homes. Case in point: a pinhole leak in a caulk seam on a window surround that resulted in all of the structural members surrounding that window, the wall cladding, the sill beam, a section of the floor, and several joists rotting out in short order. Root cause: didn't use plywood. Engineered sheathing acted like an enormous sponge both retaining and broadcasting moisture to all of the surrounding materials.
So yeah, you're not wrong inasmuch as according to theory and per code it is within the realm of possibility to use these construction methods and materials successfully. In practice, however, the least competent subcontractor on any given jobsite presents a hard ceiling to what one can get away with. You design a fault-intolerant system that has any flavor of complexity to it's installation and odds are good someone's going to screw something up. The Achilles Heel of modern vapor tight building systems is the fact that houses leak. Either through incompetence during the initial build or breakdown of materials over time all houses leak. Whereas older construction methods would tolerate this to varying degrees, newer systems do not.