To some extent. But so many of those odd modifiers were so rarely used at our table, that it kind of makes sense to simplify things with one modifier and apply it to a variety of things. And then the Skills and Powers era really made things tricky because you could really dump out of the less useful modifiers in favor of boosting the useful ones.
Complexity can be good, but it isn't automatically good. The same can be said for simplicity, though. In this case, I think the streamlined modifier system makes more sense.
Yes, something simplified but still granular enough to be interesting. I've always thought that each ability score should have two modifiers associated with it. That way you can have some stats like STR grant a +1 to hit, +2 damage.
Of course, I like how a 20 CON in 2e grants a regeneration rate.