Yes. Basically the streaming services started using a decent model of perceived loudness, and normalise tracks to roughly the same perceived level. I seem to remember that Apple (the computer company, not the music company) was involved as well, but I need to re-read the history here. Their music service and mp3 players were popular back in the day.

So all music producers got out of compressing their music was clipping, and not extra loudness when played back.

It hasn't really changed much in the mastering process, they still are doing the same old compression. Maybe not the to the same extremes, but dynamic range is still usually terrible. They do it a a higher LUFS target than the streaming platforms normalize to because each streaming platform has a different limit and could change it at any time, so better to be on the safe side. Also the fact that majority of music listening doesn't happen on good speakers/environment.