Not really, a lot of times newer engines actually have new more efficient ways of doing things, which makes those features less demanding on the hardware. However, the majority of new game engines are loaded with new advanced features that also require more powerful hardware. Its kind of like when Epic said the UE4 could scale to a tablet or smartphone, but the majority of that engines advanced features would go unused.
i know about the more effiency part. i was talking about engines highly optimized for spacific hardware, the optimization causing the engine to run worse on hardware it wasnt optimized for, so optimizing for next gen(low clocked, Out of Order, CPU's, ect.) would be poorly optimized for last.