I don't recall seeing picture of old suits with the higher button stance. Old movies show lower button stances than what is fashionable today.
I think it depends on what you mean by "old movies." I think the evidence that the high-stance 2-button preceded the lower buttoning point is pretty strong. As is so often my habit, I'll start with a picture of the DoW; this looks pre-Wallice/pre-abdication/pre-Windsor.
But the prince/duke always was willing to wear unusual things, you say. Perhaps this was a personal eccentricity, rather than something the average man would have worn.
Well, I think these guys are about as average as you can get:
https://www.shorpy.com/files/images/29892u.jpg
None of those fellows look like fashion enthusiasts (they worked in a drug store), but one can count several two-button jackets that would be very high stance by today's standards.
OK, maybe the proletariat and the full-on dandies sported higher button stances, but what about men who were part of the establishment and cared about being correct?
In fact, 2-button jackets often had such a high stance that the bottom button was buttoned alone, with the top left undone.
The trend towards dropping the 2B's stance towards the waist seems to have developed in the mid-30's, and it generally drifted slowly southward for the next 3 decades. It then bounced around at or around the waist for another 3 decades, and then began climbing northward about a decade ago.
None of this is to express an opinion on what stance is best - I think that varies from man to man - but simply to point out that the high stance has some very long historical antecedence. It is not inherently incorrect, nor is it "not classic." I, for one, like a bit of it for variety's sake, and consider a stance that has drooped below the belt to be unattractively reminiscent of a bathrobe that is about to come completely open. But it is anathema to combine the higher stance, as is the fashion today, with low-rise trousers.