Sure... In almost every single hiring situation, years of experience has a big effect on compensation. Age oftentimes correlates with years of experience. And years of experience correlates with value. As you say, not as much in coding as in other areas- but it still does.

Exceptions abound, of course. There are plenty of well-paid morons with decades of experience and lots of young rockstars.

But ask any programmer on the planet whether they got paid more or less 5 years ago (adjusted for inflation) and the majority will say "less".