At Sidmouth Folk Week, where Scotland has been represented by a good selection of artists, who have been billed on various concerts as "Sounds of Modern Scotland": this is perhaps a better term than the one in contention here, and seems to cover what is being played in Scotland now, whether traditional, contemporary but in traditional style, or verging on the punkfolkrock. It doesn't mean, to me, at least, that it's all modern music.
And as Will has said, it is perfectly possible to make up a set of tunes to include both very old and very new ones. and unless you knew them beforehand, sometimes hard to tell if they were written in the 1700s or just last week, if the modern composer has tried to write in the traditional idiom.