I honestly can't tell anymore. I'm still enjoying the game. I know damage seems high if a Zoe one shots you, or a Pyke penta dunks your team, but if I'm in a game with all old champions and none of the newer ones, I don't notice a severe increase in damage.
Tanks (at least the few games I play them) seem useful enough, I don't usually get blown up immediately.
Sure, Vayne and Riven are a little toxic right now, but there are always champs who are on top of everyone else, and it's probably just a waiting game before Riot decides to finally nerf them.
I can't tell if the posts on the boards about the balance team sucking and how damage is ridiculous, etc etc... are actually warranted and I just don't notice it, or if they're just commonplace boards circlejerk, and in a few patches it'll be something else entirely (like usual, no offense).
Maybe I'm an outlier, but I'm still really enjoying the game.