Well, quite. In our 14th level game, your elven mage is keeping up perfectly well with the human fighter. Meanwhile, my halfling cleric of Yondalla is stuck forevermore at a meager 9th level, good for little more than comic relief in a fight (exaggeration, but you get what I mean). And what has been achieved by enforcing these limits, besides silencing the offended howls of traditionalists? Can you say that the game is better because I made a human cleric to avoid the level limit, rather than the halfling cleric I wanted to make?
Why were the level limits raised greatly in 2e, and then dropped forever after that? Does anyone miss them?