No, actually older bourbon tends to become even more flavorful. Same is true for rye. Much of that flavor comes from the barrel, which is less of a factor in Scotch whisky, unless it's "finished" in a wine or sherry cask, of course.
The question really isn't so much "flavor" as "alcohol heat" (i.e., youth). Unfortunately (well, not really, but for some folks anyway) the older examples of bourbon/rye that are available tend also to be higher proof (way higher, in some cases). If you drink Booker's right out of the bottle (which is like drinking it right out of the barrel) you'll completely lose its wonderful flavor because the alcohol will simply blow you away. Kinda thrilling for the first few times; maybe not so much after you get used to it. Diluting it to something more reasonable (100 proof; 90 proof; whatever floats your boat) will make it a much better drink for everyone except those who take pride in how much alcohol they can tolerate. Of course, you might also discover that Booker's at 100 proof tastes a whole lot like Knob Creek, except that Knob Creek is a year older. Oh, and a lot cheaper, too.