It is in almost all the ways I care about. Title doth protest too much. It smacks of wanting to have your cake and eat it too. Hooray, no installs and no files. We’ve been hearing the evangelism for 25 years. Keep patting yourselves on the back for the next hundred - maybe WebAssembly will have achieved something by then. You dropped the ball on the rest of UX, performance, and especially the developer experience. You can’t sweep it under the rug. Just take your little win and shut up.
The web could have been as good as native. There are too many people in the standards bodies and more so the browser vendors for them to ever get their shit together in a timely manner. I use the web for nothing other than this web site and occasionally when I want to watch something on a bigger screen, which is almost never. I easily spend 95% off my computing time in native apps.
The Internet is a miracle. The Web is still a fiasco and always will be, no matter how many trillions are made for a few people by selling ads, selling ads, and lest we forget… selling ads.