But Clerics and Druids have objectively inferior spell lists when compared to the Wizard, and their other class abilities don't make up for how much better the arcane list is than the divine lists.

Buffing (what made the Cleric and Druid amazing) is basically dead in 5e, because even if we ignore the fact that buffs now require concentration (which means only one buff at a time), all they do is provide advantage, so even if they didn't require concentration to maintain you wouldn't be able to stack them like you could in 3.5. Buff stacking only really got out of hand when people abused metamagic mitigation with Persistent Spell anyway.

Summoning, another thing that divine casters did better than arcane casters, is also gone in 5e. The most powerful spell in the divine list, Miracle, is also gone, with Wish staying in the game. The best thing on the Druid list is Shapechange which, when compared to the Wizard 9th level spells (since Wizards also get Shapechange) is barely worth it for wizards to prepare.

Druids in particular lost basically everything that made them good in 3.5 (good spellcasting + Wild Shape (with natural spell) + animal companion), and what they kept is in such a weak form that they're probably one of the weakest classes in 5e. Specifically, the Animal Companion is completely gone, their most powerful spells either nerfed to the point of near uselessness or were outright removed, and Wild Shape now being limited to creatures with a CR of level / 3 instead of HD=CL like it was in 3.5. Natural Spell is also delayed until 18th level instead of 6th when basically everyone in 3.5 got it. 18th level is so late that you're basically never going to get it, and at that point the Moon Druid, which had to sacrifice even more spellcasting to get to that point, is so far behind traditional fighter characters that Natural Spell is barely helpful at all. Two levels later you get Wild Shape at will which negates the need for Natural Spell anyway.