Postgres's cost-based planner is good, but it's a decidedly 1980s design, predating the famous but also outdated Volcano/Cascades systems (used by Microsoft SQL Server and CockroachDB and others).
So much has happened in the field of query optimization in the last 30 years, very little of which has ended up in Postgres, I think. Postgres has gotten parallel workers and a JIT, but the fundamental design is largely unchanged. It's also quite conservative about adding improvements; other databases has had some variation of index skip scans for ages (Oracle has probably had it for 20 years now, and you can get it through the TimeScale extension), but Postgres is still working on supporting it natively.
The state of the art is arguably Umbra [1], a research project by Thomas Neumann's group at the university of Munich, the successor to HyPer, which is now being commercialized as CedarDB. Their analysis of the Postgres query planner is an interesting read [2].