Yes, Republicans view Clinton better in retrospect than they viewed him at the time. His presidency is set in stone and can't be added to, which makes him safe and the events ruminatable. In much the same way, there are a fair number of Democrats out there who have discovered a strange new respect for Ronald Reagan. There are even Republicans who have found some use for Jimmy Carter and some Democrats who find George HW Bush to be tolerable in retrospect.
All it means is that they are no longer a threat, and the opposition can look at them as people, rather than as enemies.