No, today's reality of burning out and getting the short end of the stick when the startup you worked for folds (as statistically most of them do) is much better.
You write as if startups have replaced big corporations. In fact, startups employ an insignificant number of people compared to big corporations -- and most startups just crash and burn instead of being bought for a nice sum or turning into a regular company. So the payoff is there only for a tiny minority of startup employees (and mostly, founders).
So, to rephrase your question: "is it really desirable to revert to an older day where a faithful employee's reward for long-term service was getting a gold watch on retirement or a $10K bonus, compared to the current startup reality, in which employees are worked to the bone while rarely seeing anything for it in the vast majority of cases when the company crashes or even get shafted if the company makes it big?"