Of course there is. The whole season has been a drama about Mercedes and RB trying to smoke out what Ferrari have done with their power unit to get such an increase in power.
Aero innovation is still ongoing, times are going down even with the simpler formula due to the engineers finding new ways to increase DF. It's only now starting to converge more because the rules have been somewhat stable on the PU side since 2014. Aero had a big change last year for turbulence reduction and increasing speeds.
I hope you agree that innovation is much more constrained than it was in the 70s to 90s. You can’t do a V8 or V12, the turbo configuration is prescribed, or can’t do all wheel drive or a six wheeler, wing configuration is very much regulated. There certainly is room for improvement but it’s more detail optimization, not the whole concept. Adrian Newley has been complaining for quite a while that for designers F1 is not much fun anymore.
