Back then network speeds were less and latency higher. Sending a runtime to the client and reducing the network traffic thereafter was a big win back then.
Over time the network has improved, removing the benefit of the reduced network traffic.
We still pay the runtime performance impact though. Its morphed into what modern frameworks are today and the original benefit was forgotten. Execution times have only gone up.
So with faster network speeds and increased execution time - its been flipped. It's not that it feels super fast. It's that it is super fast.
Not to mention the web is almost unoptimized. Lots of very low hanging fruit. Early this year someone wrote a series of articles[1] demonstrating how much he could imnprove just by simply looking.
[1] https://marvinh.dev/blog/speeding-up-javascript-ecosystem/