They've probably hit a sort of stagnation point of how far they can continue to advance the lighting tech. I assume it should at least hold up to Dreamlights and PtN in terms of raw tech.
If anything, it's possible to go way too far with technology while neglecting other important elements. Some of PtN's floats, particularly the Monsters Inc one, felt like literal flat video screens on wheels. I appreciate Dreamlights for using modern lighting tech in a much more tasteful and artistic manner.
I'd also much rather the parade be significantly longer with a greater quantity of floats (and ones that are more elegantly designed) rather than push harder and harder to advance tech into infinity. Spectromagic was a tad bit hard to gauge since it had a handful of floats were sort of trailer hitched together, but they were also large and separate enough to consider their own individual floats. The float count was comfortably in the 30s during its heyday when all original floats were operating. There were a ton of street performers too. Dreamlights in its present state is operating 22 floats. Paint the Night has about half as many as Dreamlights (Hong Kong's was even worse when it first debuted as they actually added a float to CA's I believe). A handful are also more glorified puppets than proper floats, lesser than even the small spherical globes ridden by the spectromen. It does have quite a number of street performers with again some admittedly very impressive costumes (Spectromagic had a ton of these performers in its early years too). Fantillusion I'll need to watch again to do a proper count, but internet says over 30 when it debuted in Tokyo (they removed around half of them when shipped to Paris).
So we've really been losing out on a lot of content over the years. It doesn't help that they also often run these already short parades missing a number of the floats (common among day parades like Festival of Fantasy). Again probably setting myself up for failure in this, but I really wish Starlight would at least push for 20+ proper floats again...