It does and it doesn't.
I wonder how long you could get an old school Nokia phone (thing monochrome display with only characters) to last these days if you replaced the battery with the exact same weight of current battery technology.
Or, take one of the earlier (say 80286) laptops and do the same.
On the one hand, you are right - as battery technology has improved, we've only increased how much power these devices use. On the other hand, these devices are infinitely more useful than what we had back then and the tradeoff is certainly worthwhile.