I am absolutely convinced that they do. I have two brothers who are 10 and 11 years older than me. So, as a child, due to my age, I could not influence what kind of music I want to listen to, what films I would like to watch, etc. I had to put up and be content with their favorite performers (Hands Up, Paints, Virus and all other bands of that time). And what is the result? Now I have grown up and listen, I love and, moreover, I understand the music of the 90s no worse than people of their generation, although I was born in 1995 and should not know the songs and these performers themselves, in principle, like all my peers. And also, like my brothers, I think that then the music was better and more soulful. :)
I also agree with Natalia, because listening to all the music of that era now, I am immediately captured by nostalgia and I want to return to a carefree childhood.
I noticed that more likely musical preferences are formed in people under some kind of vivid impression: music against the background of events in life, absolute happiness, emotional experience. Those. music is obtained by a certain anchor, to which a person returns, evoking a memory, and vice versa, music returns a pleasant emotion. Therefore, it is no coincidence that people in the older generation prefer to listen to the music of their youth or a certain period of prosperity (not necessarily financially).