Absolutely not. Look at the publication record of any tenured professor at a non R1 university and you'll typically find that it's dropped to almost nil.
Of course, I have heard of R1 tenured professors who claim to spend 50% of their effort procuring funding (though I think 10% is a much more representative estimate).
And I'm not dissing them in any way - getting a grant requires the senior/experienced guys working on it. Getting the funding is a must-have (since without it researchers and students would be dismissed and the research would not exist); but spending your own time researching is a nice-to-have thing that you can do if there's any spare time left after teaching and bureaucracy.
Problem is, you can't take that route to get tenure in the first place, unless you're an absolute genius.
You're not going to be able to do a good grant proposal unless you have a good track record of research, with multiple papers. So in that sense, a grant proposal supersedes a single paper.
But, given that you've already done all those papers, a grant proposal is just writing, not new research, so it should actually be massively less work than doing all the original research that goes into a paper.