While there isn't a definitive answer in the current canon, there are a couple of things to consider.
As @Valorum stated in the comment above:
After lifting the X-Wing, Master Yoda seems to be exhausted and breathing heavily. It's not that he can't use the Force, it's that it takes a toll.
However, it's unclear as to whether this is due to his age, or some other factor. For a species that lives to be almost 900, I'd find it unlikely that he'd be able to battle a Sith Lord and then 20 years later, not be able to lift an X-Wing due to his age of all things.
I'd suggest rather that he was out of practice using physically demanding Force powers, possibly preferring to spend his time meditating instead of lifting things.
Furthermore, there are no shortage of elderly Jedi/Sith
Here are some (note, these are just Jedi that show up in canon, but some of the ages are non-canon — the exact age is unknown):
- Darth Sidious was born 84 BBY and Died 4 ABY, making him 88 years old during the final battle in Return of the Jedi (a battle which he almost won mind you). Other sources disagree, putting him at 86 though, but this still doesn't take away from the fact he's old.
- Evan Piell was apparently pretty old, though his exact age was not known.
- Ki-Adi-Mundi was going strong at 73 (old for his species)
- Dooku was 83.
- Tera Sinube
- Jocasta Nu
- Oppo Rancis, although it's hard to say if he was all that old for his species.
I'm sure there are even more examples in the expanded universe/legends.
Despite how powerful they are, Jedi/Sith aren't immortal. I'd suggest that as Jedi age, they tend to spend less time practicing and honing their physical strengths, which would be inherently limited by the strength of their body, and more time on their mental strengths. Keep in mind that Yoda and Obi-wan were hermits on isolated world, had they been battling the Empire on a day to day basis, I'm sure they would be better at physical tasks, instead, they were both immensely wise.
So in short, Probably Not. There are plenty of examples of Jedi elderly in body but sharp in the Force.