Yes. I've been on both sides of the equation. If you are mired in legacy tech and using outdated process, you aren't going to be attractive to many developers. I did a stint with a company that turned into a VC Software holding company. IE they buy good stuff from other people and milk it dry while it rots on the vine. Recruiting and retention were both challenging.
On the other hand if you are flashing all the new hotness, you will get a lot of attention.
I think the best place is somewhere in the middle. Now if you are using the new hotness but in a niche tech you will probably have to try harder to recruit and as others have mentioned show a commitment to developing talent.