As someone who has used old BSDs, I can say from direct experience that it does not.

For starters, on the old BSDs there was no Almquist shell, unless you went to Usenet, grabbed the shar, and built it. The TENEX C shell was the hot new thing, as were BIND and Sendmail. And we got genuine Joy+Horton vi.

Whereas modern NetBSD does not have Sendmail any more, has nvi2, and supports access control lists. And of course under the covers has lots of things that the old BSDs didn't have, like UFS for TiB disc volumes and kqueue.

I've heard tell that they're even thinking of finally doing away with BIND in base.

What do you mean, it's as modern as a standard portable operating system gets.