To a point yes. However remember that it takes time and effort to optimize the software down.
And if you write it for slower hardware from the start it will be less capable and/or creative.
Might be pretty cool still, or even useful. Just not quite as cool and useful.
Can't have your cake and eat it too. It's not all laziness. How long did it take to get Doom to run on a toaster? ;)
I am genuinely trying, but I am finding hard to find modern software that qualifies for those words.
Is Slack "super cool and useful"? Is Word/Excel a lot cooler and more useful than... well honestly 20 years ago? Does Microsoft Teams qualify for that? Facebook? Instagram?
I don't think that more powerful hardware allows developer to write "cooler" and "more useful" stuff. What it allows is to write more, faster. Since the early 2010s, it feels like we specialized in writing worse software, but writing a lot more of it.
Can't have your cake and eat it too. It's not all laziness. How long did it take to get Doom to run on a toaster? ;)