I was flipping through the 5E Eberron setting yesterday (2019 release). I would call that an extremely immersive setting, very well done. Unlike that
Spelljammer release, which lends credence to your point. The zero deep dives, I don't like either.
I don't buy the PC being powerful thing. Is it the saves every round that gets to you? Or some other mechanic? I started playing in 1982. The level drain, save or die spells... not fun. Straight up terrible design in my opinion. If that type of play is what you mean by PCs being at an appropriate level of power, I'm not on board. Removing those types of mechanics is not the same as making PCs overly powerful; all it means is removing a fun-sucking mechanic out of the game.