I think the answer is that indeed the enemies of Sauron were far, far more powerful in the terms of military force in the Second Age.
The general process in Middle-Earth is declining, not ascending, that is, everything is better at the beginning than in the end, and with time, it fades. The kings of Noldor in the First Age were mighty, and Gil-Galad was only a poor reflection of them. Yet still, in comparison to the Elven kingdoms in the Third Age, he was a mighty king worthy of many songs. Similarly, the Númenoreans had a great realm which at its height ruled a large part of Middle-Earth and even countries "outside the map" far to the South, but Gondor and Arnor were "the realms in exile", where also the Númenorean population was not that strong and many of the "citizens" were "lesser people" originally from Middle-Earth.
At the end of the Second Age, it was the military power of united Elves, Men and also some (few) Dwarves which defeated Sauron. In the Third Age, there were no hopes for such a powerful reunion anymore.
Yet again, fitting for Middle-Earth, it could not have been the sheer power which would bring the ultimate victory.
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"Should the story say 'he ate bread,' the dramatic producer can only show 'a piece of bread' according to his taste or fancy, but the hearer of the story will think of bread in general and picture it in some form of his own." -On Fairy-Stories
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