Have the new versions changed how the Padlock works or made it more realistic somehow and if so how?
No, they didn't, as far as I know. Would help, though, knowing which game version you're playing and specs of your rig.
Besides, is your game modded or stock? And in which aircraft you've problems?
Also, I think a refresh of key functions would help, since, while F4 locks view on enemy in cockpit view, U serves to switch to next plane and T toggles on/off wingtip smoke.
Be aware too that any kind of fog, cloud, etc. hampers visibility, often causing loss of visual contact (padlocking).