They were absolutely not the favourites. I distinctly remember it because it was the first time I ever bet on a tournament. Argentina and France were heavy favourites but both crashed out early. Next were Italy. All three had incredibly strong squads. Brazil's has come to be known as a strong squad subsequently, but they very nearly didn't qualify, there were questions over Ronaldo's fitness, contoversy over Romario being left out, and players like Ronaldinho weren't the proven stars they would become. Even the achievements you just listed wouldn't put them above France, who were reigning World and European champions. Starting players too like Kleberson and Roque Junior wouldn't have got near the squads of some of the other top teams. They're also elevated a bit subsequently because they won the tournament relatively easily, with not much in the way of competition because so many teams underachieved.
It's hard to compare peaks because Brazilian Ronaldo's was early. Like Mike Tyson or Michael Owen, something about the story is still one of potential. Compare the two at 18, 19, 20, and they were worlds apart. Cristiano was obviously talented but Ronaldo was already the most dangerous player on the planet at those ages. Cristiano had such good coaching, such amazing discipline, he made himself into such a great footballer, whereas Ronaldo declined after the age of 22.
"Peak R9 was unplayable and brilliant no doubt, but I don't think that he was better than peak Cristiano, especially numbers wise"
But the game changes so much, with superclubs being more dominant, players getting fitter and rules changing favouring attacking players, number aren't always the best metric. Ronaldo never played in an all-conquering club side like Cristiano, only for 2002-03 would I say he was a part of arguably the strongest team in Europe in Real Madrid. And Cristiano was been managed by greats in his best years - Ferguson, Mourinho, Ancelotti, Zidane. Ronaldo was managed by a revolving door of managers at both Inter and Real including Roy Hodgson, Vanderlei Luxemburgo and Carlos Queiroz. Sometimes they had three managers a year, ones way worse than those I've mentioned, most of whom I can't even remember the names of.