Probably not the best comparison as the quality of timepieces coming out of the workrooms of the top Swiss makers (PP, JLC, VC, etc...) has not declined in the least over the years, in fact some would say that it has actually improved. There is no component of their manufacture whose quality is simply unavailable today as is the case with felt quality in hat making.I have a pile of pre- and post automated manufacture mechanical watches and it is no different there.
That said, I don't think that the quality of felt used by a top maker like Optimo is vastly inferior to the stuff used by the top makers back in the day. Aficionados (in all fields of interest) have a tendency to overstate a relatively small gap in quality to the point of night/day.