I'm not sure that is any less true today. If you were looking for a job, people used to go to a job centre or look at the classifieds. Since everyone did it, those were also the jobs with the most competition. Swap job centre and classifieds for online job boards, and you have the situation today. Yes, you have more people applying for the same jobs. On the other hand, that is balanced out by people applying for more jobs. It's hard to claim that applying for more jobs involves more work, though there is certainly a negative psychological impact.
On the other hand, knowing where to look (then or now) cuts out a lot of the competition. Having a social network feeding you that information cuts out even more competition.