Yes and no though. Let's not forget that a lot of spells last more than one round. If you cast a summoning, you got critters for the entire combat (or until they died). And, pre-5e, there was no such thing as concentration (for the most part), meaning that you could have two or three different spells going on for a while.
Some do, some don't. Concetration was skill and for maintaining some spells, you rolled it, mostly if you took damage. And it was painful cause DC=10+spell level+ damage received. But yeah, you could stack buffs.
Sure, you might only cast one spell per combat (or maybe two) but, if it's the right spell, it lasted most of the duration of the combat (even fireball, which only lasted an instant, tended to end a combat pretty quickly).
Yeah, but, you prepared each spell in it's own slot. Need fireball again? Too bad, you prepared it only in 1 of your slots, doesn't matter you still have available slots and have it in your spellbook. Also, while yes, there was no concentration and you can stack buffs, because of before mentioned system of preparing spells, you needed to try to guess what will happen that day and what ratio of utility, offensive and defensive spells will you prepare. Now, in 5e, sure, you have limited number of spells prepared, but if you need more utility, you burn slots on utility ones.
Now, it's pew pew pew all day long.
Pew pew is just part of it. Like i said in previous paragraph, you finally have rituals, you can take time to cast spells without slot use, you have some minor magic so you don't just run of magic stuff and you have some versatility. Wizard actually feels like wizard. Pew pew cantrips are just small part of it. But still, pew pew all day beats twiddling thumbs and playing third grade crossbowman any day.
I grew up on Lord of the Rings and Dragonlance. Continuous flashy magic is not what I associate with wizards.
LOTR didn't even have wizards ( Gandalf and company are Maiars), at least not spell casting ones. They were just wise celestials that used their innate abilities. Not familiar with Dragonlance so cannot comment on that.
I didn't feel like a wizard because of cantrips. I played a 5e wizard and cantrips made me feel like I had failed as a wizard and was reduced to using the magic "crossbow."
Damaging cantrips are secondary. But utility ones, like light, prestidigitation, message, mage hand, minor illusion, ghost sound, those are ones that make wizard feel like wizard. When you burn trough your big flashy spells, you still have that small, fun, spells that make you feel like you are wizard which can be used in creative way, not just for pew pew spamming. But pew pew is also part of it. As a wizard, you are never unarmed. You always have option to use your basic magic to defend yourself.