Agreed. Words means plenty because as you say they gather connotations with their use and need periodic updating. And we do this.

"Middle class" has an old ring to it these days and is often replaced with "middle income". We replaced "third world" countries with "developing", "oriental" with "Asian" etc. Some have come full circle like "queer" to gay and then around to "queer" again.

Who is using which word is as much of the story too.