Quite true.
I have an 'old new' Singer (a model 347). It has a lot of newfangled features such as aluminum instead of cast iron for the case, an internal motor, a couple of notched belts etc.
Apart from a couple of toothed wheels and sundries such as motor mountings, everything inside appears to be metal.
Unfortunately, some of that metal is zinc alloy rather than the steel components that we love.
I wouldn't be at all surprised to learn that this kind of 'improvement' has made it over to industrial machines too.