It's arguably true in context, i.e. in 1972 when CttE came out, artistically and criticaly it was a triumph. Squire extended the profile of the bass in longer form compositions picking up John Entwistle's mantle from 'Tommy'. Squire innovated in tone with bi-amping and effects; singing complex harmonies and adding sub-bass. The man was a walking church organ and choir. Notably he also had a wider rhythmic sensitivity - odd time signatures and harmonic vocabulary - full diatonic beyond Entwistle's more traditional pentatonic perspective.
Today, nearly 50 years later, I agree with your point. Squire vs. Hadrien Feraud - no contest! But then Hadrien humbles us all. But unfortunatley I've only paid Hadrien for his work on Chic's 'Vigil' record and his show at Ronnie Scott's. In contrast, I've willingly paid Squire for the entire Yes repetoire over several formats and many shows. Which ultimately is the biggest compliment you can pay an artist.