It turns out that evolutionary change doesn't so much depend on how many generations there have been (because things tend to be well enough adapted to their environment that obvious changes don't help much), but rather on how much their environment has changed around them.
That said, the amazing diversity of beetles suggests that some types of bugs have indeed been changing rapidly.
I think it may be more accurate to say, life has been evolving for the same amount of time. Since bugs predate anything even resembling a human by a colossal amount of millennia.
Even more importantly, bugs have been through many more generations than we have. If anything it is the bugs that are "more evolved".