Is it true or bullshit that being a Third Class or Second Class "used to mean something"?

I heard old-timers complain that PO3s and PO2s used to have "real" leadership responsibilities back in the day. I assume they mean back in the 80's or 90's. They say shit like "Third Classes used to run the entire workcenters themselves. PO3s did then what PO1s do today. You'd never see the Second Classes because they held the level of responsibility that CPOs hold today, and PO1s went golfing with the Chiefs all day. You would never interact with a First Class unless you were in DEEP shit". Is this really how it used to be, or is it more classic Navy shit talk?