That type of surface is bad, and even worse when it wears so there are patches of it with the old surface exposed in places, and the difference in level to jolt you!
I use a tourer with 700 wheels and 32 marathons inflated to 90 psi. I generally find the combination comfortable, but those surfaces are still poor to ride.
I agree with the comments about steel, although the advantage doesn't seem as great with modern frame geometry.
I also have an aluminium mtb with suspension forks which is fitted with 1.5" slicks at 65 psi, and on most road surfaces it isn't any more or less testing on the backside than the tourer. It came with some knobblies which I found the most uncomfortable ride ever!
Perhaps it's just my perception, but I think our road surfaces are now worse than I can remember them ever being in the past.