Like all design methodologies, there are good point-to-point designs and bad ones. If all the wiring is done correctly, to control the current and current-return paths, the performance can easily exceed that of printed circuit boards. The dielectric in circuit boards has very high dielectric absorption compared to good cabling.
It requires good cabling, good circuit design and a knowledge of power delivery and signal path current flows to get a good result. Most tube amp and even some SS amp designers like to star-ground everything. This is good for noise abatement, but usually not good for the sound....results in a soft-sounding amp, no dynamics.