Some of the early wire work and trampoline work were pretty rocky. It took those decades to get it solid (also what Hong Kong had going on in terms of stunt work and film making by the 80s and 90s was a very rare thing, that I think led to a highpoint in action). My feeling is over time the CG work will improve as they perfect it. There are some things about the modern wuxia movies I wish they'd improve (I think they sometimes they rely on effects and editing too much and work around an actor's abilities if they are good looking enough for example). But there is also a lot of really cool stuff coming out. The fantasy elements are really starting to work I think. And some of the stuff by guys who were already pretty innovative with effects have been impressive (Detective Dee and the Mystery of the Phantom Flame is an incredible movie and makes really good use of effects with the martial arts).
The Lightness Kung Fu effects do sometimes look unnatural with CGI. I think it is getting better, but if they improve it, it will ultimately be better than wire fu. With wire fu, you are still aware of the wire, you can sense its presence in the moment, and I think that can take away from the feeling that the character is is supposed to be physically lighter and even capable of things like flight. I haven't seen a new wuxia movie that gets it perfect, but if you suspend your disbelief, I think they are going somewhere interesting with those effects. It is a genre that has always been a bit forward looking when it comes to effects, so I think it isn't a bad thing they are incorporating CGI. The problem is that it can wash out some of the actor's movements. I am pretty sure they are still using wires with the CGI for the most part.
Another area that the effects, in my view, are helping, is with Chi energy. I remember the days of people blasting air from a tube in the palm of their hand....that always looked pretty cheap. The way they can now just use CGI for energy attacks looks pretty cool in my opinion when it is done right. I think the weakest spot in these films is when they use CGI for animals or monsters, or use it for sets (except in cases where they seem to put a lot more time, money and effort into it).
Generally I think it often comes down to budget. The movies that have bigger budgets, tend to do these effects much better. If you watch any of the television shows, which have much smaller budgets but make just as much use of CGI sometimes, the effects are much more noticeable (though they tend to rely more on wires).
80s and 90s Hong Kong film was kind of a unique time, so I don't know if we are ever going to see that level of naturalistic stuntwork and acting at that kind of volume and concentration again. The performance and choreography in those was tight. What is going on now is a different time and has a somewhat different focus. But a lot of it is still good (especially if you like the more mythic and folklore aspects) and many of the great action choreographers and actors are still involved (Michelle Yeoh and Donnie Yen are in this one and Yuen Woo-Ping is directing it).