It's never even close to as good.
For starters, Elvis could actually sing, which cuts out about 80% of people currently making albums (or who ever have). Furthermore, he was Elvis, which means he had a distinctive style, and that style at least mildly resembled music.
But now they play things on the radio recorded by some maundering female. Once, it was "Blue Christmas," but now sounds like a duck having its toenails pulled out.
What's the point? The song was popular because of the way it sounded. Making it sound horribly and cruelly different would not seem to be a winning proposition.
I suspect that what's really to blame here is the need to dig up 24 hours a day of Christmas music for over a month. Which means you'll really be scraping the bottom of the barrel.
I just wish people had souls. If they did, neither the motivation (all Christmas all the time) nor the fuel (dreadful re-makes of excellent classics) would be a problem.