It's both a shadow of it's former self, as well as being optimized for force projection vs. freedom of navigation/securing free trade.
It's probably even more powerful than peak cold war/WWII US Navy at force projection while adjusting for technology and adversary capability. Cruise missiles, much more capable aircraft, larger carriers, etc.
At securing the high seas or forcing open trade routes? Just the sheer loss in number of deployable warships available to surge into an area is nowhere comparable. That and logistical capability is nearly nonexistent and relies mostly on nearby basing vs. tankering/supply ships. Not to mention a much larger Merchant Marine they used to be able to fall back on. There simply is not the ability for sustained operations at sea at any scale any longer, even if you had unlimited munitions to expend.