Depends on what you mean by older. You have less time because you chose to have less time. Let's ignore 40 hours for work and 56 hours for sleep, the rest is based on choices you made along the way. Could be kids or commitments or location demands or _____, but the scarcity of time does not change with age, it changes with the accumulation of decisions that consume that time.

I wish there was only 40 hours for work. At my current place 45-50 is more common. Add another 10-12 hours of commuting, at least 2-3 hours for personal grooming (and my wife is probably double that), and exercise/stretching which becomes increasingly important as you age. So, yes, there is little time for hobbies after accounting for my kids, my wife, the dog, the housework, etc.

Less time in the absolute sense, as in "you die sooner so you have fewer minutes alive remaining". Not "you choose to spend your time differently.