Seems like a very reasonable assessment, I'd say they absolutely are a reflection (a journal, perhaps) of a society.
For me, though, the 70's and 80's produced more extreme media (film, music, whatever) than anything we have today - even though video games specifically are more realistic than they used to be, I don't think they're as extreme as some of the crazy shit that came out in that era.
I think beyond the pretty accurate narratives in your post, things have also been reined in quite a bit, particularly on the violence side of things.
On the sex side, the prevalence of porn on the internet has pushed that shit as far as it's ever been, I imagine.