Well, yes and no. Since much of what would normally have come to a PC as a magic item is now built straight into the class, it's far more predictable but, also, it's now on the player side. It's not like you can tell that warlock character, "Oh, sorry, you don't get an invocation this level because I'm trying to rein in the power level of the party". The character turns Level X and gets Y power ups.
But, the point being, it's different. I'm not arguing more or less, but, it's undeniable that it has shifted. I could drop boots of flying (for example) in an AD&D game if I wanted characters to have easy access to flight. In 5e, there are classes that gain various movement types just for being that class.
Granted too, this really depended on the classes being played. Obviously a 6th level AD&D Druid could gain flight. Funnily enough, you need 8th level to do it in 5e.

But, there are other ways as well - so many other classes gain spells that allow flight, as opposed to only Magic Users once upon a time. In AD&D, I could give a necklace of fireballs out and a cleric could drop fireball. Now, depending on which Domain I have, I might actually be able to CAST fireball.
So on and so forth. As a tool for shifting balance, granting magic items are somewhat less useful in 5e since so many of the classes gain access to spells/powers and many of them are not class specific in the way they were before. Where a Ring of Invisiblity or an Elven Cloak in AD&D could be a huge power up, it's a lot less in 5e because so many classes other than wizard can now straight up cast Invisibilty or Pass Without a Trace.
And that's not counting what you might get from Feats or Racial abilities too.