That's not my experience.
Advancement in D&D has a significant arithmetic component. It's always possible to compress or expand the arithmetic of levelling into fewer, or a greater number of, chunks ("levels").
But if you're talking in terms of non-mathematical effects that are imagined to occur in the fiction, then what you way is not at all true of 4e as I experienced it. The PCs in the 4e game that I GMed to high level did things that are quintessential of high level D&D. They fought off hordes of demons, they confronted (and in some cases defeated) gods and demon lords, they sealed the Abyss, they liberated the Drow from Lolth and their entrapment beneath the surface of the world, etc.
In bare outline they did the sorts of things that are clearly envisaged as the story/drama that will drive (say) the GDQ modules, or the Bloodstone modules But unlike in AD&D, which doesn't have rules for resolving much beyond a wargame-y skirmish, it actually worked.