It depends what you mean by better.
If you mean "better timekeeper", then a 500 series vintage Omega movement can be regulated by a good watchmaker with an omega parts account to keep time better than METAS, if you are willing to pay for that level of service. So I don't think this is the right measure of "better" - good watchmakers may tell you timekeeping is more about quality of adjustment than the limits of the movements themselves.
If you mean finish, any of the 50's and 60's era movements were VERY well finished, even by today's standards. Pearlage, Genève stripes and rhodium plating have largely replaced onglage and pretty pink plating - I think this is more preference than anything else. The vintage movements were not poorly finished compared to most examples today, and elegant things like swan neck regulators were much more common on vintage movements than today.
Where current movements might be thought of as "better" would include:
-resistance to magnetism
-beat rate (higher beat rates promise more accuracy for less regulation effort)
-time between services - the modern movements often have more jewels that are sometimes adding benefit, rotor pivots that are less likely to let the rotors get wobbly, new escapement designs that theoretically reduce friction, and more precisely balanced escapements.
-Ease of date change (as applicable). Modern date setting is infinitely easier to use than the date set functions on most vintage omega models.
-Power reserve - some of the latest movements have dramatically improved reserve, though for many people, the extra reserve is not really needed.
On the other side of the argument, the new movements - particularly coaxials - are serviced by fewer watchmakers. The movements and watches themselves are more expensive to purchase. Some models and styles of watch are not available in modern lineups, and generally speaking the watches (and sometimes even movements) themselves are also larger, which is not to everyone's taste.
Personally, I own and enjoy modern and vintage, side by side 😀