Depends on the W:R. 1:0.5 leads to enhanced oxidative capacity due to the reduced time for recovery between bouts.
You can compare data to the olympics in the 70's where the primary basis for training for the marathon was LISS whereas now with a huge focus on intervals at greater intensity with short rest periods, marathon times have dropped dramatically. I disagree that modern day athletes centre training around LISS as a lot of the new programs we have implemented for long duration are primarily interval based with some LISS for recovery.
But thats just the people I see.
When you say the LISS was 'for recovery', that's kinda my point; it can feel like recovery even though it's eliciting real training adaptations. It feels like you're getting something for free because the focus is on volume and movement quality rather than just flogging yourself. There is obviously a time commitment however.
Both LISS and intervals are necessary to fully realise your aerobic potential, and the optimal ratio depends on the athlete as well as the activity, event duration, minimising injury, etc. and of course there's also high aerobic and anaerobic threshold work for extended periods (20-40 mins) which doesn't fall strictly under either category.
I think that the focus needs to be on the right balance rather than either/or. When I found my optimal balance, I was shocked at how much of my training time felt 'easy' and yet I still got fitter than I had ever been.
As a rule, people who focus entirely on intervals will get fit quickly, but their progress will plateau unless they have an aerobic base founded on LISS to go along with their interval training.