Glad I've got my boots on for this pissin' contest.

Angels fear to tread and all that. So why am I going to post a comment?
Metallurgy may be better or worse for a given spec metal. If the same ingredients are used I'm going to bet you'll get the same metal...be it now or 100 years ago. The precision of measurement probably isn't any better now than 100 years ago and the foundry procedures are much the same.
There may be better castings in the investment process because of the materials available today...so long as everything else is held to standard. So now we are talking about the "illusion" of quality. Castings reduce machining processes (as opposed to working from say bar stock). Is a casting better or worse than machining from bar stock of the same metal? I'd say it is the same unless the bar stock was hammered...and who knows if it is/was?
The quality control procedures may be better now but there is not guarantee they are properly applied today or yesterday. What is better is the ability to detect imperfections in metal that are not on the surface. I don't know if that is done on a casting or bar stock...and I doubt they do that on bar stock if it's going to be hammered (improved).
Precise temperature control is better now with the advance in electronics and sensors. This may gain significant quality. If you have a casting a big gain in quality is possible.
Casting small parts I don't like. I think machined is better. What are the parts in today's guns??? But then again, some castings are better than machined parts (can't remember where I saw that on a particular gun but the article was pretty thorough and had references).
Is Tupperware better than steel? Maybe. Depends on the application. Better how? In actual use is it better or better to admire? I'd rather carry and use my lighter Tupperware than steel guns but I love my CZ 75's...go figure. I want to carry those CZ's and sometimes I do...but more like a "barbeque gun" to show and talk about rather than everyday carry. Exception is my PO-1 CZ which I like when shooting a competition over 150 rounds because it's weight absorbs recoil and helps me towards the end of round keep the shots where they need to go and not left and down.
I think there is some art vs. purpose considerations. Hand fitted and counterboring is great but comes at a price. If the castings or machine parts are good enough to escape the hand fitting is hand fitting really better than just slapping the parts together....you gotta wonder if a design or parts at the end of the manufacturing process require hand fitting is the overall quality really there if hand fitting is required?
Is the metallurgy better today? If you are talking about the actual foundry process maybe not...on selection of a particular metallurgy it can go either way (save a buck or improve the performance).
Shoot, I can't remember where I was wandering with this and I'm too lazy to read what I typed already to know which way to go. So why do I carry the "low quality" Ruger SR-9 that has never failed to fire in several thousand rounds with the excellent trigger (thanks to $20 Ghost connector upgrade) over the "obviously" higher quality and much higher priced CZ's and 1911's (and the 1911's have FTF quite a few times on a lower round count despite some hand fitting by a gunsmith).
Going to SAAMI...it was likely based on observed performance using the tools available at the time. I am betting the SAAMI specs were influenced the same way engineering specs were influenced in the past. The lack of having sensitive and repeatable tools caused the spec to have a much larger safety factor in the past than it may have today.