All these comparisons analog vs digital are often a bit shortsighted. People seem to believe that analog means infinite resolution, while Sync reconstruction in digital sampling systems is some sort of voodoo, but it’s far from that.
In the analog world, quantum steps ultimately define the maximum resolution, so it is not infinite because of this alone. Other effects will destroy the Illusion of infinite resolution long before quantum mechanics takes its toll.
It’s easy to determine that in electricity – for Electronic Engineers at least:
As an example, thermal noise for a 1 MΩ source resistance at room temperature (23 °C) and only 10 kHz bandwidth would already be 12.78 µVrms. The peak-to-peak value of that noise is usually 10 times the RMS value, hence some 128 µVpp. Even an ideal analog instrument which adds zero noise (physically impossible) could only have an ENOB of less than 6 bits at 8 mV full scale (like an oscilloscope at 1 mV/div). This would increase to about 9.3 bits for a full scale value of 80 mV (10 mV/div). In this scenario, an 8-10 bit DSO would be more than adequate already.
In practice, the situation is even worse, because there is no such thing like a noise-free instrument. Of course you can find other examples, with lower source resistance, even narrower bandwidth and maybe also lower temperatures, which will result in better ENOB figures. But there you can get into impractical territory pretty quickly.
A more practical scenario would be 50 Ω source impedance, but certainly not limited to 10 kHz Bandwidth. If we assume at least 20 MHz bandwidth, then we get ~4 µVrms noise, equivalent to about 40 µVpp. A completely noise-free oscilloscope at 1 mV/div would have an ENOB of 7.64 bit and 10.97 bit at 10 mV/div. Once again, we do not even start to exploit the resolution of a 12-bit sampling system.
In practice, the noise figure (NF) of an oscilloscope can be significant, due to 1/f noise of the semiconductors and the elevated LF-noise of the split path input buffer architecture – and this is absolutely the same for analog or digital oscilloscopes. That means, that 12 bits already require special conditions like heavily bandwidth limited signals or massive averaging to provide a real benefit. But then, digital filters and averaging increase the number of bits as well, so that we could get a similar effect as the real 12-bit ADC.
Any analogy to photography is severely flawed as well. Analog (chemical) film does have a certain granularity, known as grain. This quickly gets a significant issue with high-speed films like ISO 400 or higher and gets better with specialized low speed “fine grain / high definition” films at ISO 50 and lower. Then there is the effect of the camera lens, which acts like a lowpass filter and ultimately limits the resolution as well. It’s the same as with oscilloscopes; sample rate and ADC resolution become meaningless as soon as we exceed the bandwidth of the analog frontend.
Back to the analog film: for a 35 mm low speed high-definition film and a quality lens (like Canon L-series), a full format DSLR with a 16 MP sensor will extract all the detail that you can get from this particular lens/film combination. Zoom in any further on the DSLR image, i.e. blow it up to more than 16 MP during post processing, and you’ll see interpolated data. Try to scan an analog 35 mm exposure to more than 16 MP, you’ll end up with a crisp and clear picture of the film grain. There you can use post processing to eliminate the grain, but without gaining any additional information for the original exposure.
It's not by chance that there have been large photo negative formats like 4 x 5” or even larger to overcome the limits of analog film grain. Size, weight and cost increase significantly when using such equipment. And meanwhile, there seem to exist large sensor high resolution digital systems as well.
Practical comparison tests indicate, that modern DSLR systems – even “only” 35 mm ones - can now play in the same ballpark as 4 x 5” analog systems for professional photography:
https://www.mountainphotography.com/gallery/4x5-film-vs-digital-resolution-comparison/Fazit: Be it Oscilloscopes, Audio or Video: people tend to compare the high-end analog systems from the old days either to early and immature digital systems, that clearly leave a lot to be desired, or with modern cheap junk. One should rather compare the old analog systems to the same class of digital systems of today.
Hint: even the cheapest modern digital camera will easily win any resolution contest against a (comparatively cheap back then) old Polaroid camera and will run circles around it in just about every other aspect.