No, there's more to it than that.
Firstly, from 1903-1968 aerospace was in a period of exponentially improving performance (range, speed, altitude) comparable to Moore's Law. But from the mid-60s onwards the rapid improvements stopped, as developments hit hard limits imposed by material science and thermodynamics: it's hard to get a material much stronger than carbon fibre or titanium alloy, it's ridiculously hard to go faster in air (drag increases faster than the square of speed: if you throw more energy at the problem via your engines it comes out in the form of friction-induced heating).
Secondly, there have been huge incremental improvements since 1968. Consider the 737 series. The 737-100 had a maximum range of 1540 nautical miles on 17.86 metric tonnes of fuel; today's 737MAX-10 can do 3850nm on 25.94 tonnes of fuel: it's 72% more fuel-efficient. It's also gone from 118 to 204 seats, so about the same upgrade is passenger capacity. The cargo capacity has almost doubled, too.
This being HN, the point of comparison should be an Intel-cpu laptop circa 2009 with an equivalent laptop today. The headline clock speed is probably similar (stuck around 2.4GHz), as is the number of hardware cores. The modern laptop probably has more RAM and more storage, but only by a factor of 2x or 4x. But it has double or triple the battery life, 4x or 8x the pixels on screen, a screamingly fast SSD instead of a rotating-platter drive, and a GPU that the OS can offload a chunk of work onto other than simply accelerated graphics. It looks disappointingly similar, but if you could give your 2009-self your 2019 laptop they wouldn't be in a hurry to give it back again.
There have also been huge improvements in overall safety, the 737MAX MCAS problem aside; compare accident rates today with accident rates in the 1980s, let alone the 1950s if you want an eye-opener. (Of 1010 Boeing 707s delivered, there have been 173 hull losses in accidents.)