Yes, it seems so.
Taking the last 20 years, thus after the nineties mess was cleared up, our turnover hovered between 5th and 6th highest in the PL (4th on two isolated occasions in the last 6 years, one of which benefitted from our run to the CL final). If we exclude two outlier seasons, 2007/08 and 2024/25, when we won trophies and league form suffered, then an average of a bit better than fifth in the league was achieved. So, on average, we were punching a little above our weight.
Of course, we did a lot better than that in a handful of seasons when we got into the CL and punched some way above our weight.
In those two decades, there were 40 opportunities to win a domestic trophy, FA or League Cup. What some forget is that success here is also strongly influenced by spending power. Thus, over 20 seasons, the top four richest clubs have hoovered up 29 domestic trophies. The remaining 11 trophies were won by 11 different clubs including Spurs on one occasion.
Should we have won more domestic trophies? Well, if you're outside the rich four, then the answer is no. You have to be rich enough to fail. We weren't rich enough.
Levy was on the case: increase turnover so that we can better compete.
If Levy failed, it was not over the span of his tenure, but in recent years when we did not adapt our recruitment and wages structure to the increased revenues afforded by the stadium.