I don't think there is anything unique about experience in a game, he isn't the only legend Real Madrid has ever produced and they all have retired in peace, they have found something better off football that fetch them money but as for Modric, I think he wanted to stay by all means and Perez gave him a chance by signing a year contract and they maybe doing that probably they don't have the best man yet for his replacement, somebody young and talented.
If experience help players, I'm not sure Ronaldo would lose that penalty that in their Knockout stage for Portugal, he weep his eyes all through he match and was pet by his team mate not to cry, this is happening because Ronaldo is old, he can't be like his prime anymore, anything his doing now is just struggle to fit into a place where he is not supposed to be for that time. I hope Modric don't disappoint the team like that too in the end.
Ronaldo case is somewhat different from that of modric, Ronaldo was actually after perfection, to proof people wrong since they've been doing some bantering and calling him some sort of names(definitelymessi fans)... Losing a penalty doesn't have anything to do with experience, Messi have also lose penalties....no one is above mistakes and I'm sure that's not his first but in his current stage he's actually feeling overwhelmed by the social media bully and sure the mistake did cost him alot

Coming back to modric, I still feel he makes some great impact in big games as an experience player IMO