In terms of what though?
In terms of a title challenge? It's one of the worst seasons, yes. If Liverpool win both of their games in hand over City then they will be 19 points ahead. The only time the league was won by that margin in the last 10 years was in 17-18 when City finished on 100 points and you finished 2nd. They are miles ahead and it's of similar ilk to that seasons too, there is no club in a position to challenge or the ones that could be are in a period of transition or collapse.
In terms of the 'big' clubs? Yes, but each 'big' club is still transitioning. If you look at them, the only club that is at the peak of their trajectory is Liverpool. City had their peak for the last two seasons and are now arguably in a downwards one. Spurs are the same, peaked for the last 2-3 seasons and are now in a downwards one. United and Arsenal are at the base of their trajectory and the decisions they make at the moment will either mean they go on an upwards one or stagnate at that level. Chelsea are in that weird fluctuant stage in the downwards trajectory where they have spikes of good and bad. The only traditional 'big' club that is at their peak trajectory right now is Liverpool and it's showing massively.
In terms of quality of football or tactically? I don't think so. It maybe appears that way to some because the so called 'bigger' teams are playing shite whereas previously it would be the big teams that played well and the smaller teams played poorly. Sheffield United, Wolves, Leicester, Brighton, Norwich and Villa have all played some good football at times and it's been nice to watch. Plus quality players are distributed quite nicely throughout the league now too. People like Traore/Jiminez, Maddison, Grealish are all very good players and a joy to watch.
Look at Europe too for example - All of our clubs have managed to make it through have they not? Despite our struggles. That doesn't happen often. Does that mean that the other leagues are weaker now or does it mean that our other clubs have managed to catch up to that level? Who knows. It's far too difficult to judge.
I think it's a mix of all variables - big clubs transitioning and lower clubs getting better due to money influx. We saw Leeds give Arsenal a bloody good game in the Cup. There are only 5/20 teams in the league that have won 2 games in a row in the last 5 games in the league. City, Liverpool, United, Watford and Southampton. 2 of those sides are top 2, 1 of those is constantly labelled as shite (United), 1 of those is in the relegation zone and 1 of those looked like they were going to be relegated this season. The competitiveness in the league is at an all time high, does it mean that the league is worse in general? Nah. Does it mean that our big clubs are worse? Yes, due to transitional reasons. Does it mean our small clubs are? Much better.