Do time and aging improve the quality and performance of a guitar?

Much is written and said about it. I’ve always wondered if the whole thing is applicable only to the instrument…
Certainly you can talk about the wood properties over the years and other related aspects. But if you have had a guitar or a bass for years with you, using it regularly, that same instrument-musician relationship ends up being as or more important than what happens with the natural aging of a guitar or a bass?

This has happened to me personally with my axis