It is not debatable at all. It is nowhere near. Since 2002 (when Brazil won the WC), South American teams have been shit. Between them, they have 0 World Cups, 1 finalist and 3 semi-finalists. Compare to Europeans who have 4 World Cups, 7 finalists, and 14 semi-finalists. Yet somehow we are going to believe that the competitions are of the same level.
Let's see what has happened since then when South American nations faced European ones in World Cups.
Brazil:
win 1-0 against Croatia (group stage 2006)
lose 1-0 against France (quarters 2006)
draw 0-0 vs Portugal (group stage 2006)
lose 2-1 vs the Netherlands (quarters 2010)
win 3-1 vs Croatia (group stage 2014)
lose 7-1 vs Germany (semis 2014)
lose 3-0 vs the Netherlands (third place 2014)
draw 1-1 against Switzerland (group stage 2018)
win 2-0 against Serbia (group stage 2018)
lose 1-2 against Belgium (quarters 2018)
Overall record: 3 wins, 2 draws, 5 defeats.
Overall goals: 10 goals for, 17 against
In KO stage: 0 victories, 5 defeats
In KO goals: 3 goals for, 15 goals against
Argentina:
win 6-0 vs Serbia and Montenegro (group stage 2006)
draw 0-0 vs Holland (group stage 2006)
lose in penalties vs Germany (1-1 in regular time) (quarters 2006)
win 2-0 against Greece (group stage 2010)
lose against Germany 0-4 (quarters 2010)
win 2-1 against Bosna (group stage 2014)
win 1-0 against Switzerland (1/8th of final 2014)
win 1-0 against Belgium (quarters 2014)
win in penalties against the Netherlands (semis 2014, 0-0 regular time)
lose 1-0 against Germany (final 2014)
draw 1-1 against Iceland (group stage 2018)
lose 3-0 vs Croatia (group stage 2018)
lose 4-3 vs France (1/8th of final 2018)
Overall record: 6 wins, 2 draws, 5 defeats
Overall goals: 17 goals for, 15 against
In KO stage: 3 wins, 3 defeats
In KO goals: 6 goals for, 10 against
Uruguay:
draw 0-0 vs France (group stage 2010)
lose 3-2 vs the Netherlands (semis 2010)
lose 3-2 vs Germany (third place 2010)
win 2-1 vs England (group stage 2014)
win 1-0 vs Italy (group stage 2014)
win 3-0 vs Russia (group stage 2018)
win 2-1 vs Portugal (1/8th of final 2018)
lose 2-0 vs France (quarters 2018)
Overall record: 4 wins, 1 draw, 3 defeats
Overall goals: 12 goals for, 10 goals against
In KO stage: 1 win, 3 defeats
In KO goals: 6 for, 9 against
Chile:
wins 1-0 vs Switzerland (group stage 2010)
lose 2-1 vs Spain (group stage 2010)
wins 2-0 vs Spain (group stage 2014)
lose 2-0 vs the Netherlands (group stage 2014)
Overall record: 2 wins, 2 defeats
Overall goals: 4 for, 4 against
Paraguay:
lose 1-0 vs England (group stage 2006)
lose 1-0 vs Sweden (group stage 2006)
draw 1-1 vs Italy (group stage 2010)
wins 2-0 vs Slovakia (group stage 2010)
lose 1-0 vs Spain (quarters 2010)
Overall record: 1 win, 1 draw, 3 defeats
Overall goals: 3 for, 4 against
In KO stage: 0 win, 1 defeat
In KO goals: 0 for, 1 against
Colombia:
wins 3-0 vs Greece (group stage 2014)
wins 3-0 vs Poland (group stage 2018)
loses in pens vs England 1-1 regular time (1/8th of finals, 2018)
Overall record: 2 wins, 0 draws, 1 defeat
Overall goals: 7 for, 1 against
In KO stage: 0 win, 1 defeat
In KO goals: 1 for, 1 against
Ecuador:
wins 2-0 vs Poland (group stage 2006)
lose 3-0 vs Germany (group stage 2006)
lose 1-0 vs England (1/8th of final 2006)
lose 2-1 vs Switzerland (group stage 2014)
draw 0-0 vs France (group stage 2014)
Overall record: 1 win, 1 draw, 3 defeats
Overall goals: 3 for, 6 against
In KO stage: 0 win, 1 defeat
In KO goals: 0 for, 1 against.
Aggregate results:
Overall record: 19 wins, 7 draws, 22 defeats
Overall goals: 56 for, 57 against
In KO stage: 4 wins, 14 defeats (!!!)
In KO goals: 23 for, 43 against (!!!)
Essentially, we can pretend that the competitions are the same strengths (cause those teams kick each other), but since Messi and Ronaldo play with their countries, European teams dominate South American teams, and it is not even close. When it matters most (lose or you are out), in 18 matches, the Europeans have win 14 times (78%) scoring twice as much.
Winning Euros is almost as difficult as winning the World Cup nowadays. Because South American teams are a bit shit and irrelevant. When they face European teams, they go home.