In relation to the question asked in the title (Is that being discussed or am I late?) as much as I love Jose, I would have to say no. Jose at Chelsea and Inter seemed absolutely invincible. He was the manager you feared coming up against. He lost a bit of his sheen during the Madrid stint, starting from the first Classico when he lost 5-0 throughout to the end of what people considered an uninspiring tenure, and the final season of his second Chelsea stint speaks for itself. I disagree that his Madrid performance was uninspiring, coming up against that Barcelona team was no easy feat, and Jose is still the only manager to ever have beaten Pep to a league title (of course due to change this season). As for Chelsea, he did win a league title with them once again.
With that being said, Jose having lost his aura of invincibility is not an indictment on his ability. He was still the #1 manager I wanted to replace SAF and when he eventually joined us in the summer I was still overjoyed. He's still one of the top two managers in the world (I view him and Pep as level) in my opinion.
Jose clearly feeds off of being regarded as the best. Having taken a beating, so to speak, over the last few years, will have definitely taken a toll on him. When the day comes that he wins something big with United I feel we will see shades of the old Special one return again.
How long that takes, or how much has to be spent for it to happen is what we can never be sure about, but the only thing you can accurately judge a manager based on is their track record, and Jose's trophy haul speaks for itself. For that reason, even if he doesn't seem as "special" as he used to, I still fully believe in our manager.