@2psyop I used to be in the same boat. Vintage audio looks sexy, and the patina of having retro / hip-looking equipment is fun. Sometimes, the gear is not too expensive, either.
But I became more interested in sound quality over time, and to answer your question, yes, parts do need to be replaced. I recapped and restored a number of amps my first decade in audio. I realized while each restore improved the unit, it became less and less worth the time to tinker for incremental improvements, and I realized vintage equipment would only get me so far. Even more so, it detracted me from enjoying the music because I then had more gear than I could play music, and I worried about what I should do with it.
I do still have the last vintage amp I restored, however, which is a Luxman L-85V. I've gifted that one to my 5 year old son, along with the Thorens TD-166MKII that I also fully restored and souped up. He probably has the best system for any kid his age.