If pre-WWI recessions were less frequent than NBER data suggests (Davis 2005), what did the Fed actually change about the business cycle?

I'm a lay person, please be generous.
I’ve been reading twitter discourse on Joseph Davis (2005), who reconstructs U.S. business cycles using an industrial production series and finds that pre-WWI recessions were less frequent and expansions longer than the traditional NBER chronology suggests.
https://www.nber.org/papers/w11157

This seems to reduce the apparent degree of post-WWII “stabilization.”

This was a bit surprising to be so I was left wondering:
What is the current mainstream consensus on how post-WWII changes in monetary policy and central banking have affected the U.S. business cycle/ economy?