True, on the face of it. But remember that the average working stiff 80-130 years ago enjoyed a pretty dismal standard of living, and not conceived of a life in which there was discretionary income for incidental toys that would rarely if ever actually get used. I doubt a single one of those guys would've declined a chance to own a few more guns just for the heck of it. The overseers of those working stiffs did have the money/time/inclination to jump from one gun to the next in search of The One Ideal Rifle. Now, we moderns who are the working stiffs, enjoy a standard of living that rivals those guy's overseers.
Would I willingly go back and live in 1920? Not on your life, but I wouldn't mind visiting for a couple weeks.