Of course it can! It's not a fair comparison, given the in-system context.
In 1e a 20th-level Wizard is sitting at about double the game's soft-capstone level; where in 5e a 20th-level Wizard is right at the captsone.
So, to make the comparison fair it'd either have to be between a 10th-level 1e Wizard and a 20th level 5e one, or a 20th-level 1e Wizard and a 40th-level 5e one. (good luck finding anything that runs 5e design out to 40th level

)
Sorry,
@Helldritch , but it's thinking like this that got us into this mess in the first place.
First thing: stop treating the 5MWD as a problem to be solved and instead see it as something wise adventurers would do as a matter of course. Then, design as if the 5MWD is the standard, or close - two or three encounters a day maybe, rather than 6 to 8 like 5e seems to want.
Second thing: don't use damage output as your only metric for comparison. There's many other ways a character's abilities can be more or less effective in play, though they're not always as easily quantifyable/measurable as damage output.
Third thing: harshly limit casters (all of them, not just Wizards) by making spells harder to cast in combat and by giving less of them per day. Get rid of at-wills. Flip side: make the spells that do get cast actually able to Do Cool Stuff, albeit sometimes with risks attached.
Ideally, Wizards are the hares. Fighters are the turtles. And who won that race?
This assumes such foes are commonplace in one's game, also that the PCs have no idea what they're getting into when embarking on an adventure i.e. no info-gathering is done first so their lineup can be adjusted to suit.
That said, I agree monotype parties (of any class) are far more all-or-nothing than are more class-diverse groups: they either blow the adventure away or themselves get blown away, depending how well they happen to suit - or not - the situation.