No! Modern Cue sticks Are Not Functionally Better Than Cue Sticks Made In The Past.
A cue stick is basically just a straight piece of high quality wood. Virtually all the functional differences between them are determined by weight, taper, balance and type of wood. The first three are a matter of user preference. The last has not changed in a hundred years. Rock maple was and still is the generally accepted premier material for a shaft. The butt wood does not seem to matter much according to many experts.
Within certain limits, there is no particular balance, size, or shape that is superior to others for all players. If you get two cue sticks made by two different people from two different eras, but with those same four qualities, the two sticks will perform virtually the same.
The quality of the wood, primarily the straightness and tightness of the grain are factors; but if anything, it was probably easier and less costly to find good quality wood years ago.
The availability of more exotic woods and better inlay techniques in modern times are strictly aesthetic enhancements. And they are only used in the butt which once again, is widely considered to have no effect on the hit outside of the weight and balance.
The low squirt technology utilized by Predator and Meucci might be the one area where modern cue sticks are superior to those of the past. However, many experts and professional players prefer not to use them, so their superiority is a matter of debate and not clearly definite for all players.
Cue sticks are unlike tennis racquets or golf clubs where the use of modern composite materials and substantial changes to the size and weight of the head have created functional differences in how they perform. Those implements unlike a cue stick, are swung in an arc and strike the ball from the side causing lateral bending and rebound forces which is where virtually all of their enhanced qualities stem from.