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I thought we were talking about digital remastering in general, not cleaning up old 78RPM records or master tapes that have turned into gloop.
In the case of pre-1930's recordings, there is no such thing as master tape, and the source is ideally an original master since a 78 is even worse, and 78 rpm was not the standard until about 1914, about 12 years after Caruso recorded the songs in the collection I linked
Digital remastering "in general" does not have the problems you list, which are the results of overeager mastering engineers or pushy execs, and not the inevitable result of making a higher resolution transfer with better equipment, which is the ideal

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Unless they've invented a time machine to go back and re-record the original performances then no, I'm not.
Physical modeling of analog instruments allows excellent reproduction via purely digital methods - applying similar technology to low-bandwidth recordings to extrapolate what the instrument _Did_ and _Does_ sound like involves less contrivance than it appears you think it does.
I believe a similar system was used to minimize the problems the recording equipment Caruso recorded on introduced - the recorder (no electrical amplification then remember!) was reverse-engineered to find out what kinds of distortion it introduced, and what it did to the sounds (in particular the voice of a tenor) it did record.
The result is recordings that (with a very high degree of surety) sound more like the man in the recording booth than does the master itself! Obviously, this is a limited scenario, since the master sounds so bad and there is only the single voice involved, with little ambient detail possible.
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But since we're on the topic: The sound quality of these recordings, were they made equivalent to "modern" performances using these digital techniques? Clearly, it's impossible.
No one was trying to claim they were, were they?

With the much higher resolution of studio taping systems, remastering can and often does result in a superior copy of the source, if the transfer process was imperfect, something that is virtually guaranteed with older processes.
What you appear to object to is what happens (usually, not sure) after the transfer - compression and normalization of the signal to make the source sound "more loud".
Not all labels insist on this and not all engineers will do it. It is indeed annoying, but more rare in classical recordings, and certainly not ubiquitous.
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And nope, I'm not a fan of Enrico Caruso.
More of a Judas Priest fan, huh?

Too bad for you