Modern lumber is planed, so some of that difference is because of losses from that. If you open up the walls of a house built 100+ years ago, you see these thick rough wall studs that never went through a planer. Even with shrinking, it’s close to being actual 2" x 4".
Interesting. We found some 3/8" drywall in the 1913 house, dating from some renovations that appeared to have been done in the 1950s or 60s. We also found a mummified sandwich.