Today, dollar for dollar, is the 318 faster than the 340 ???

Ok I'll go along with the better ring package. That for sure is a plus. The EFI thing a maybe, because carburetors aren't dead......yet. Some people still run um. Machining more accurate? I've never seen any evidence of it, but it wouldn't surprise me.
The big reason for less wear, the LEAD was taken out of gas. You oldtimers remember how bad the plugs looked after 15,000 miles. Today they go 100,000. The lead ate up cylinder walls and exhaust pipes in no time, very corrosive.