I don't disagree with you, but I do think steel shafts and modern technology has made golden age architecture even better for 99% of golfers. When I play a golden age course, I can't help but think at how incredibly hard it would have with hickories. At the same time I think how incredibly fun the design is with the clubs I'm using.
Sure, there are several modern courses that are clunkers, but I'm guessing there were a lot of golden age courses that were poorly designed as well. For a while, I think designers were struggling to keep up with technological advances and how best to design around the equipment. But, as you can see now, designers like C&C, Renaissance, Gil Hanse, even Pete Dye (to an extent), etc., etc., are figuring out how to make incredibly playable designs for modern equipment.