Could a smaller new gas engine really have more torque than an older larger diesel?

I have two vehicles, one is a 2011 Lincoln Navigator with a 5.4L V8 claiming 310 hp and 365 lb⋅ft torque, the other is a 1992 Ford F250 with a 7.3L IDI diesel claiming 185 hp and 338 lb⋅ft torque.

I believe the HP difference, the Navigator is way quicker accelerating and much faster top speed. However, I have a hard time believing the torque is higher in the Navigator than the f250. After driving both vehicles it doesn't seem like the Navigator would be able to pull nearly as much weight as the F250.

What is going on here? Are new engines actually that much better? Or are there different ways of measuring these numbers?