No, it's just a clear indication of market efficiencies and/or better engineering.
It doesn't say anything about what the grandparent asked for: the rate and magnitude of new scientific/technologic discoveries.
That said, I would argue that medicine too has made some pretty significant advances in the 2nd half of the 20th century... mostly in surgery techniques (transplants are 2nd half 20th century), scanning techniques (NMR and CT both were 2nd half 20th century), and pharmaceuticals. Significant vaccines (polio, measles, mumps) were 2nd half of the 20th century developments. Genetic science has made huge gains as of late. Etc.
Consider the efficiencies generated by Amazon's highly automated warehouses; their level of automation wouldn't have been feasible in, say, the 60's. Substantial technological progress on multiple fronts has been required.
One reason we have stagnated can be revealed in the bias of our new language. Where we once used the terms "1st World" and "3rd World" we now use "Developed" and "Developing" -- language that is excessively bullish about globalization while implicitly pessimistic about technology.
While 'slowed down' or 'sped up' are difficult to quantify, the fact that 3 billion human beings have gained access to smartphone technology over the last decade seems to support the idea that technological progress has in fact sped up.
Increasing air transportation speed is a very narrow application of technology and hardly constitutes a meaningful gauge of technical innovation.