I use Pennzoil 100% Synthetic TC-W3 outboard oil. It does smoke less and the oil sheen on the water disappears quicker. I haven’t hung around long enough to see if it bio-degrades, but they say it does. Costs more too.
You ask if the modern oil is better. Darn right it is. Way less carbon buildup, ring sticking, plug fouling, etc. If it is certified TC-W3 by NMMA, it has been tested and passed the test. But you gotta put it in the motor (enough), if it is going to do it’s job.