Today’s metal woods absolutely do lose their pop. I’ll bet my last dollar that Jack would not play with the same 3-wood for 37 years if he started today.
Wood, on the other hand, does not wear out.
I’m not sold on “game improvement” irons (though I use them) but a modern driver or fairway wood is a lot more forgiving than actual woods and there is no denying the lighter weights give you a faster club speed.
My son said that his driver lost its zing but he won a new one at a church scramble tournament.