As a guy who has been programming since the late 70's (yes, that old), been in management at all levels, I have to say this is the most spot-on assessment of the situation I've ever seen.
I still write code, and I am certain that the whipper-snappers are faster, but they're for sure not better. They're code is a mess of spaghetti, although sometimes quite clever. It seems to me they just iterate on it over and over until it works.
My code is smaller, better structured, WAY more commented, more flexible, and better positioned for the future. The young guys are probably twice as fast as me, but often ends up being redone when requirements change.
Which is better? Neither - a mix is best.