Well, maybe.

The story I have heard since I was a lad is that the .22 WRFM was developed to do in a 6-inch revolver what a .22 LR does in a 20-inch rifle. From what I can tell, it pretty much does that. Whether that constitutes some sort of improvement is up to the buyer to determine, but the chronograph does not flavor its numbers.

As to accuracy, comparing anything to the best .22 LR firearms and ammunition is going to be a pretty tough go, but I do have an S&W M651 that shoots better than any other J-frame .22 I have ever seen.

I don't know about the ammunition being made thirty or more years ago, but modern .22 WRFM ammunition is excellent - leaves nothing to be desired, except maybe a better price.