To add more nuance, there is an essay [1] telling the history of early maximum flow algorithms and includes this small anecdote:
[An] American asked: ".. how were you able to perform such an enormous amount of computing with your weak computers" to which the Russian responded: "we used better algorithms".
There is some truth to that, besides maximum flow, similar stories can be told about linear programming, data structures (e.g. AVL-trees), numerical computing, etc. The hardware may have been sloppy, but the algorithms-research was top notch.
Considering an IBM 8088 did way better on that than modern computers, with like 1/5,000 of the processing power (figure ass-pulled but probably not far off), indicates to me that the trend is really damn bad.
This you can then do for different application domains, and both in absolute terms (# cycles wasted) as well as relative terms (%age of cycles wasted).
My father, upon taking over his promotor's office in Warsaw Institute of Technology, found among other things a book in Russian that described analytical, symbolic methods allowing "good enough" approximated results for many airfoil/wing design tasks that are now exclusively done through CFD.
As described, in 30 minutes with pen & paper you had maybe a more coarse, but valid and in desired precision result that takes overnight run in ANSYS CFX.