Linseed is a drying Oil, which will tend to flex with the movement of the timber. Add too much resin and the 'varnish' will become brittle. I've no idea what was in some of the old paints but Lead is (or was) added to varnishes/Linseed oil to act as a drier. They may have added resin to give greater gloss, Lead as the drier and then the pigment, which was probably a lot of earth pigments before the synthetics came about. Too much lead can have consequences for the finished film, at least when put into varnishes.
The Linseed Paint is probably much purer. At a guess highly polymerised Linseed Oil and earth pigments. Doesn't get much simpler. Probably very similar to artist Oil paints but much thinner.
It may be the case that modern paints are relying on cold solve modern resins, which is obviously cheaper than heating Oil and mixing in seriously hot resins. I'm guessing though and a lot of it is based on my varnish knowledge.
The Linseed Paint is probably much purer. At a guess highly polymerised Linseed Oil and earth pigments. Doesn't get much simpler. Probably very similar to artist Oil paints but much thinner.
It may be the case that modern paints are relying on cold solve modern resins, which is obviously cheaper than heating Oil and mixing in seriously hot resins. I'm guessing though and a lot of it is based on my varnish knowledge.