The constrain isn’t merely financial, it’s broader than that. Teenagers are less free because adults and society have bulldozed the adversity out of teen lives. This sheltering is creating generations that are more - not less - fragile. Generations that know nothing but comfort. They are prisoners of unrealistic expectations of what real life is like.
There's definitely a kind of frenetic adversity in the whole college admissions process, at least for kids who are inclined to go that route. If anything, it has gotten much worse over the past 30 years; it's much more stressful than it used to be, and it's easy for teens to imagine that every little thing carries high stakes.
If by "adversity" you mean helping the family put food on the table, I certainly agree that there's less of that. Today we have more weird, more detached, and less rational forms of adversity.