It rarely feel like being of a better quality, because what you remember is rarely the effective quality, but the amount of nostalgia it trigger.
Certainly, few things can beat the impression a movie or show or anything will leave on you when you are young. On a technical level at least modern things are usually a lot better, there is also tons of great new music, maybe not necessarily in the mainstream, but it exists.
I think it's important to still keep an open mind about new things, sure I can listen to Dark Side of the Moon for the 1000th time, or I can listen to something new that is different, but also good. And every once in a while a new tv show is objectively better than most things we watched in the past, I think Severance on Apple TV is a great show, for example. And the things we remember fondly like X-Files etc had lots of mediocre or bad moments even.
However, I would argue that at least mainstream movies were a lot better 20+ years ago. When things like Forrest Gump or Titanic or Star Wars could all be #1 hits at the box office, appealing to very different groups of people. And not just MCU movie #274, #275 and #276. Mainstream cinema has become too formulaic.