A ford 8N has headlights, and a starter for electrical. A modern compact will have a mix of the following: a seat safety switch, a neutral safety switch or two, a clutch safety switch, lights and switches for front and rear, an electronic cruise control on HST, electric fuel solenoid shut off, electronic engine temperature sensor, electronic tachometer, electronic fuel gauge, a few other idiot lights. Not all tractors will have all these parts but they will have a lot of them.
If your 8N would not start it was easy to diagnose, with a key, switch, battery, and starter in the circuit. Now there are several safety switches in it. I have seen compacts not run and owners replace switches when it turned out to be a loose fuse terminal. However if you know how to use a multimeter and do not mind taking time to trace wires, the problems are often easy to fix.
I do not know if the electrical works better than the old mechanical systems. I think they both fail in their own ways and create their own headaches, it depends on your skills.
One thing I have discovered is that mechanical parts are easier for the average joe to diagnose as the part is right in front of them. Electrical parts hold a shroud of mystery to them as you can not see the how they work, but have to rely on instruments (multimeter) to tell you what is working.