I honestly am not sure why people are ascribing these qualities to 'Buddhism' without qualifying what type of Buddhism they are talking about. Hina/Maya/Vajrayana isn't enough either, as ideology in these schools varies widely. Thanks very much to the poster who mentioned Trungpa as a source!
There are adherents that believe that the eight fold path is antiquated, and should be modernized. Especially with cheap and accessible birth control, we can eliminate the sexual abstinence part of this (for example). Other parts of it could be revisited, in the light of 2.4 centuries of progress, and since we are not India.
The ONLY reason the eight fold path was designed this way. in 600+ BC, was as a teaching tool, and to give people a simple path that could work for uneducated people... we know this.. however, some schools of Buddhism insist on thinking it is the ONLY way to practice, and fossilize the teachings in amber.
To each his own. I don't like that approach.
Essentially, I believe the answer to your question is "No", "yes" and 'It Depends" :-)
We have the advantage now of education and science that is totally beyond the capabilities of a 6th century BC human to understand, Buddha or not, and in looking at the eightfold path and the four noble truths, we really need to understand that they were designed as a shorthand for the real story.. which is much more complex than these simple ideas.
Remember, it was also said that there are many paths.. and it was implied the eight fold path was but one. The whole point of it was to eliminate suffering by bringing people to a point where they could rid themselves of the strong boundaries they make in their minds about the world, and learn to see the world directly. That's all, really. It's not anything special, and so it might mean that YOU, in particular, should practice austerity as YOUR path, if you have problems with excess and impulse control, for example.
Your question has no general answer! It can't be answered for all Buddhist ideologies, nor for all Buddhists.