[everforward]

Not really, because converting resources into power required other humans.

A huge pile of gold isn’t inherently powerful, you need someone willing to accept gold to do what you want. They would also generally be intimately involved in doing the thing, so you paid premiums for dangerous or unpalatable work.

These days technology lets you turn resources into planes, tanks, drones, etc in a way where 100 soldiers with limitless resources probably beat 1000 with a constrained supply line pretty consistently.

You see the same with domestic conflict. Once upon a time, finding and tracking down revolutionaries was a tedious, labor-intensive process that usually resulted in failure. Now those resources can be converted into surveillance that is much more effective, and much less reliant on another human being willing to help.