Terrific question.
My direct response to your question is "no."
In my view, education -and I'm assuming for the purposes of my rationale that we're speaking of American public education- has not only declined but is generally dysfunctional because it's not an education system predicated on a social model ... instead, we use an economic model for our systems (including education) and that allows for the system to be politicized.
As such, in my way of thinking, public education in America is in the waste heap because it's a political system not a learning system.
Now, about that clause "smart women are going into other fields besides teaching." Of course, women -regardless of IQ, SAT scores, and the other silly measurements of what the politicos and pundits consider "smart"- are going into other fields besides teaching simply because those fields are more open and accepting to them today (as opposed to most of the 20th century where ... well, let's face it, this so-called democracy of ours didn't get around to "allowing" females to vote until 1920 ... so that alone speaks volumes for how the dominant/elite class of white males viewed [and most likely continue to view] females).
However, I -and I'm sure many women also- feel that the phrasing of your question is a slight for anyone who teaches and specifically, women who teach. I mean, we can only assume that you put the adjective "smart" before the noun "women" because you were making a statement! If you did so unwittingly, then there is still concern for the rather sub-conscious use of the notion of "smart women" relative to all other women.
Then, it seems to get illuminated even more in your second paragraph when you say, "... smarter women are going into engineering, business, law, etc. and not teaching." Oh my!
Of the 304 million people currently in our population, nearly 51% are female ... yet, of the nearly 23 million firms owned in the US, only 28% are owned by women. At the same time, nearly half (49%) of all college graduates are women, yet they are consistently discriminated against (in my view, it's institutionalized discrimination) in all walks of life, not the least of which is in equitable wages ... a woman gets only $0.76 to a man's $1.00
That, in fact, may be the essential core of the argument as presented by women in teaching versus smarter women in any other field but teaching.
I have had the pleasure and fortune to, in my adult life, spend my professional experiences between the corporate and academic sectors. Those experiences (anecdotal), combined with data from material I read (including the census) does not support the notion that "smarter women" select out-of-teaching ... instead, my understanding -as flawed as it might be- indicates that women wanting more money for their time and effort may select out of teaching. Interestingly enough, that axiom seems to hold true for men also.