I see no reason for it not to. Keep in mind that this system has also required maintenance over the years (just like any system). The cost savings from improved efficiency (more granular control, reacting to weather & building occupancy, etc.) will also be a huge improvement.
I tend to be very cynical these days. Far too many things are not designed for longevity. But, I can certainly see where a newer HVAC system would be more efficient.
