I think you have to think of direction. It depends on which way you want things to go, for some there is advancement, whilst others may think it is regression or at best no real progress.
Surely. If all we want is just listening the old recordings in the same way we did fourty or more years ago, we can't see any real progress.
But if are ready to explore the capabilities of technological developments, such as top digital without vinyl colorations, or the great reduction of the vinyl artifacts of top current LP playing gear, you will see a continuous advancement along the years during the last decade.
Stereo is now an old, imperfect and limited sound reproduction standard. The high-end is part of an hobby that includes listener education to exceed these limitations, we choose how to carry it.