This hasn’t really been my experience, even as someone who often buys the cheapest available product. There’s some notable exceptions but for the most part all my basic tools and appliances have just worked as they are supposed to and still work after years of use, and are as good or better than what was available in the past (love my lithium battery drill, mower, staple gun, plumbing tech that lets me do basically any upgrade or repair without soldering, air fryer, silicone cooking utensils, etc).

There are aspects of the typical design of old products that are objectively worse than what is standard now, for instance comparing my drill to the decades old one my parents have, aside from the clear improvement not needing an extension cord, it has a button on the top of the handle that can be pressed from either side to switch modes between clockwise, counterclockwise, and locked, which is directly next to where your thumb and index finger are. This is really good design imo and most modern drills seem to use it, but the old one does it a worse way, iirc there is a switch on the side in a less accessible area that you need to use your other hand to reach. It was also much more expensive. There are lots of subtle improvements like this that have gotten standardized, including safety features (ie. space heaters that will turn off if they tip over).

Enshittification is real, but I think it mostly applies to online services, and the products most affected are the ones that rely on them.