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. You can certainly float a couple aircraft carriers 700 miles off some coast and keep them on station more or less indefinitely as you rotate them out, but that's really about it. And that's really the only sort of war the US Navy has had to fight for the past 30+ years.