It was definitely the case in the early days. It is evidenced by the "boons", cards that cost 1 and do 3 of one thing the color is supposed to do best.
The white one, Healing Salve, is very weak, it has later been replaced by a strictly better card.
The red (Lightning Bolt), green (Giant Growth) and black (Dark Ritual) are very solid cards and were seen in most decks of their respective colors in the early days of Magic, would be a bit too powerful today.
The blue one, Ancestral Recall, is part of the "power 9": the 9 most famous, overpowered and expensive Magic cards. It didn't make it past the ironically called "unlimited" edition.