There's no reason to believe that there is any special significance at all to the 'gospel' stories about Jesus, all written decades after the alleged events, containing a hodge-podge of unoriginal stories re-attributed to Jesus.
Aside from that, there is no reason to re-interpret the use of "generation" attributed to Jesus as anything other than the usual use of the word.
Any attempt to apply anything at all from the 'gospels' to 1914 is entirely baseless. Although it is amusing watching the Watch Tower Society re-hash their ridiculous superstitions.
(And it's mildly disturbing that the lives of dead JWs are represented by a brown smear.)