The key point about frames in the original context of this thread as I understood it was that they allowed a site to only load the content that actually changes. So accounting for the table-layout era doesn't really change my perspective: frames were so bad, that web sites were willing to regress to full-page-loads instead, at least until AJAX came along -- though that also coincides with the rise of the (still ongoing) div-layout era.
I agree wholeheartedly that the concept of partial page reloading in a rectilinear grid is alive and well. Doing that with JavaScript and CSS is the whole premise of an SPA as I understand it, and those details are key to the difference between now and the heyday of frames. But there was also a time when full-page-loading was the norm between the two eras, reflecting the disillusionment with frames as they were implemented and ossified.
The W3C (*) spent a good few years working on multiple things most of which didn't pan out. Maybe I'm being too harsh, but it feels like a lot of their working groups just went off and disconnected from practice and industry for far too long. Maybe that was tangential to the ~decade-long stagnation of web standards, but that doesn't really change the point of my criticism.
* = Ecma has a part in this too, since JavaScript was standardized by them instead of W3C for whatever reason, and they also went off into la-la land for roughly the same period of time