This may be accurate in delimited fields like fundamental physics (though even there you have to wonder when you reflect on e.g. the half-century between Turing and Deutsch/Feynman with no one picking up quantum computing). But our understanding of nature is so tiny compared to what's out there. We're only a small percentage of the way to understanding even our own biology in full. Why would the frontier of available discoveries become much poorer, relative to our abilities if deployed well, long before useful discoveries run out? Maybe they really do, and we won't really know until we can look back much later, but it's not how I'd bet.
No, major advances are still possible there.
However, these fruits of science are so far out of reach of humanity's experience that they will be very difficult to exploit.
Personally, I think that the social sciences have yet to see their renaissance. The social sciences involve complex systems that are difficult to model, so there simply aren't comprehensive quantitative theories in these fields on the order of physics. If we develop efficient, cheap computation, orders of magnitude greater than what we currently have,[1] perhaps the social sciences may see its heyday.
This is certainly part of of the reason in physics, experimental verification takes more and more resources. It took the LHC to find the Higgs boson and LIGO/VIRGO to detect gravitational waves. The Nebel committees also tend to be conservative as a later u-turn would be unfortunate. For example, no prize has been awarded for Inflation theory.
While I think the analysis is quite flawed with regards to Physics I do think there is some value in looking at the Chemistry and Medicine prizes. It does torpedo the core assumption of the singularity movement, that of exponentially increasing progress.
Articles like this are best considered as a starting point for a conversation rather than firm statement of reality.
This (bullshit) is what they thought in the 1890s,and is why physics was considered boring, basically a dead field. Oops!
Models can be correct in a particular domain of application, but incorrect outside of those constraints. Progress is made by determining the constraints that define the domain of applicability for a given model, and then trying to find new models that are valid beyond those constraints [1].
For fundamental physics, we may have reached the edge of the current "level". Our results at this level seem to have a very wide domain of applicability. Who knows how long it will take to make a fundamental breakthrough that will really shake things up and deepen our understanding...
[1] A concrete example: Newton's model of gravity is not "wrong" or "false". Its domain of applicability and validity is simply much more restricted than the models developed by Einstein. Interestingly and perhaps unsurprisingly, many common phenomena that humans care about fall squarely within the area where Newton's models are quite valid and useful.
That was before quantum physics, GR, transistors, lasers, etc...