Not really an applicable comparison. Those 70s and 80s V8s were being strangled by EPA regulations, it took a while for the technology to catch up and compensate. A turbo 4 isn't even close to a modern V8.
Motors used by purpose built drag racers is really irrelevent to a car intended for daily use.
Put a big turbo on a small motor, and you end up with a package that has no torque and no performance until you get the rpms up. Which means you are constantly mashing the throttle. With the way cars are geared now to run at low rpm for fuel economy, that means the turbo is never spun up. Hence the lag.
In the 328 I test drove, you put your foot down, then nothing, nothing, nothing, then finally the turbo spun up. Once the turbo finally kicked in, performance was ok, but until then it was a dog. And there was no 'moderate' acceleration. If you didn't mash the throttle to get the turbo spun up, there was nothing.
That depends entirely on the motor it is attached to. Another example: my dad has a BMW X5 with the turbo 3.0 I6. It replaced an older X5 with a naturally aspirated 3.0 I6. The turbo takes the motor from about 260 hp to around 300. So not a lot of extra boost. The motor produces plenty of power on its own without the turbo, the turbo is just a little extra. There is still lag, but it isn't objectionable because the performance is good without it.
The 2.0 I4 DOESN'T produce enough power on its own, without the turbo, to provide acceptable performance. Until the turbo spins up, it is a dog.
Aesthetics also matter. I'm driving a car, not a chart on a piece of paper. I don't want to listen to a I4 chattering away like a lawn mower on a long road trip, and I don't want rev the ---- out of it to get decent performance.
Yes the I4 may produce acceptable power on paper. But it is useless to me if only happens at 5000+ rpm.