Equipment can or doesn't matter, when it comes to your enjoyment of the game. But, if the game has a competitive objective, even if it is a quarter skins game among your pals, you will always seek any edge (valid or falsely perceived) to win that competition. Match play or medal play, if you are competing, you are doing physical exercises or repetitive swing drills, to get you that edge to help your chances to win. And, you are being marketed to constantly to inform you that you can buy that edge, beyond hard work and practice. Unfortunately, it is true that the new equipment gets you some better or easier swing stress, and distance, perhaps more forgiving ball flights. Yet, the average golfer is still about a 13-15 handicap (correct?). I don't think the average handicaps of all casual golfers have improved over 30 years, have they?
So, equipment doesn't matter to enjoyment if you can get to that mindset, non competitive in any manner. But, if you desire to improve, and win, you will have plenty of marketing people to tell you you can buy a swing, get that edge, and out compete you opponents. You can justify it and believe it or not, as you wish.
One other thing about equipment, is that the newest materials do seem to easy the physical wear and tear of the golf swing process. As we all get older, that is a valid consideration, it seems to me. Less pain soreness, more enjoyment. Do you think that is valid, Pat?