MadMan is right - there are so many different types of filtration levels of bags you have to look at what is available, and also companies can be shady or deceptive with their bag advertising so keep your eyes open when comparing bags.
I would not dismiss paper bags outright, just have to watch what you're buying and use what is best for your home.
HEPA bags are a world of difference better, and if you're using them in vintage machines you only run seldomly, they will last forever.
Paper bags, they really all depend on the company making them, and the price point of the bag. Some can be really good and fibrous which can catch a lot of fine dust and sediment, others are literally just a paper lunch bag.
Shop Vac's paper bags are pretty good at both odor control and filtration, but that's expected from a vacuum sold as a utility tool for debris pickup.
Mitsubishi of Japan has some really nice charcoal lined multi-layered bags for their Japanese cleaners that are pretty high rated at dust and odor control - but only available in Japan for Japanese market vacuums sadly.
Today most companies are struggling to keep bagged vacuums relevant so you're lucky to even find bags for vintage vacuums as new stock anymore in various bag filtration types for each vacuum. My local hardware store stopped selling Kirby bags recently, and their entire stock of bags dropped down to maybe supporting 4 vacuums down from about 15 just 6 years ago.