Maybe lately but only a year or so ago, nah. City were extremely good defensively and had a good degree of control over 99% of matches, so a world class shot stopper wasn't a priority and Ederson wasn't particularly prone to errors. He did his unique keeper role and yeah, sometimes shots went in that say a De Gea saves, but for the most part they were fine and dandy.
Right now they're exposed constantly and a shot stopper goalkeeper would be better than a tailored to a specific system goalkeeper. But for a dominant club, Ederson was more than fine.