Yep, the goal posts shifted. Now, instead of
missing a lot, your damage is usually inconsequential and it takes many hits to defeat a foe. In the long run, combat takes about the same amount of time really.
FWIW, the average AC is 13 in tier 1, and +2 to AC per tier (so 19 in tier 4) roughly. Given bonuses, this equates to the roughly 65% success rate in combat (+/- 5%). Frankly, I find the "new way" more boring than missing.
My personaly preference is for a success rate around 1/3. I would rather be happily surprised when I hit, not bored that "oh yeah... I hit again... and again... and again" because in practice, with spells, advantage, etc. that 65% is usually closer to 75-85% IME.
BORING!!!