Modern radiators should be more efficient than old ones. They should have better water channelling to ensure water flows better, and ensure that the water heats more of the metal surface than the old ones did. The argument over which type of material hasn’t really changed:
Cast iron take quite a while to heat up but hold their heat well when the heating is switched off.
Aluminium take no time at all to heat up, but equally take no time at all to cool down when the heating is switched off.
Steel are somewhere between the two.
I put aluminium ones in our last upgrade and we are quite happy with them.