OK so I gave it a listen from Qobuz, which is uncompressed straight FLAC. And to compare with a modern recording, I used the LSO Live from 2023 with Roth.
The 1954 Reiner version is excellent for its time but you can hear its vintage limitations. In summary, the quiet parts are a bit louder, the loud parts are a bit quieter for overall less dynamic range. They lift the quiet parts just a bit to help it stand out from analog noise (whether tape hiss or vinyl groove noise) yet doing so also slightly changes the timbre of the instruments. As for the loud parts, at 1:05-1:06 I hear the volume level turn down a few dB to make room for the upcoming crescendo. I find that distracts from the realism and power of the crescendo. It's not in my head, that level change shows up in waveform analysis too. And the voicing has a bit of midrange-treble emphasis but this is less of a concern, as it's much better than most recordings from that era.
I'l agree that 1954 Reiner is one of the best recordings I've heard from that era. I have many old RCA Victor recordings that I've listened to for years so here's another one that I will add: the 1964 Moussorgsky Pictures with the Royal Phil and Leibowitz recorded at Walthamstow Town Hall. Both are good exceptions to the general rule as they better than most recordings of that era. Yet they're not as lifelike or realistic as the best modern recordings, and my original comment referred to "most recordings from that era", so the general rule still stands in my listening experience.