well of course recordings dont capture subtle nuances of sound, not even todays modern recording are as awesome as hearing the sound as in person.
my favourite rachmaninov recording is the 1st concerto, particularly the 1st movement, playing of that tension, drama, and emotion is very rare.
one thing is for sure though, you really can tell the technical abilities of the pianists from these old recordings, they didnt 'hold back', in fact - they stressed extremes more, because the recording equipment wasnt as dynamically sensetive.