I'd say it's a bit of both. It's better in the sense of more ways to play, unique new genres/sub-genres, insane visuals, digital downloads so you don't have to keep swapping discs/cartridges, massive and incredibly detailed game worlds, cloud storage, an upcoming standard of VR, like there's a LOT of good shit. But there's a lot of bad shit as well. Predatory gacha practices like loot boxes, DRM enforcement, delisting of titles on digital storefronts, online services being canned for online-only games that people paid actual money for, P2W models, broken/unplayable games on day of release, etc, the list goes on.
Back in the day, when a game was to go to print, there was no way to update/fix any issues after the fact, so most games that went to production had to be closer to being finished (let's say it's 90% complete when it hits the shelves, because let's be honest no game goes to shelves that's 100% finished unless it's like a first-party Nintendo title. Those games are like 99%) than modern day titles. There was no way to patch out the remaining 10% of fixes back then. Nowadays, a game usually releases at like 60%, with a day 1 patch that boosts it to 65%, then DLC and further patches that move it up to 80% over the course of a year, and then a definitive edition that releases at 85%, and then a day 1 patch for that which may or may not move it up to 90%. Buying a brand new game and then having to sit through an install and a day 1 patch for anywhere between 20 minutes to 2 hours is one of the downsides of modern day gaming, something we didn't have to do back in the day. Older games (for the most part) released closer to a complete version of a game in comparison to modern releases.