Though others may do it differently, Hermon is correct.
Regarding your second question/statement, it would probably be correct if the word "some" or "most" were judiciously applied, i.e., some modern bows outperform some bows of the past, and SOME don't'; even most modern bows outperform most bows of the past, but not all do.
A lot of the old Howatts, and similarly designed Jack Howards, will shoot with any of today's glass laminated recurves. There are other bows of the past that also shoot as well.
Very little has changed as far as design. However, some of the newer materials do lead to increased performance. Carbon is lighter and more efficient than glass. Probably the biggest change is low stretch strings. However, they can also be used on older bows to really step up their performance.
Yep, it is a long winter. A wet rain/snow outside as I write.