Yes. Ex pros have lived it. Of course we can all have our opinions as customers but ex players are ex players for a reason. Therefore they have more credibility.
As much as we like to think we know everything we really don't know anything about what happens behind closed doors, the mental side of the game, the preparation, recovery side of the game and training etc...
For example if your a professional Plumber and I'm not, I don't have the credibility, knowledge and experience that you do. So you're more informed to talk about it.
It's like an expert swimmer that never got wet.
@Annihilate Now! has kind of already summarised this, but just adding my two cents.
Journalists are the ones who are professionals at analysing/talking about the game. Whereas a lot of ex-footballers can barely string a sentence together. Simply being an ex-pro does not mean you will be a good pundit, and the level of punditry on live TV in this country is appalling as this seems to be the only requirement. Beyond the three who have just been let go by Sky you've got the likes of Shearer, Merson, P.Thompson, J.Redknapp, Keown, Scholes, Ince, Hargreaves, Sutton, Owen, Savage, Murphy, G.Crooks, Kevin Kilbane (I could go on...) who are all shite at offering any kind of insight that the common fan would not pick-up on themselves, and many of whom have clear bias towards their former clubs and hatred of ex-rivals that they struggle to contain.
Now some ex-footballers can string a sentence together and do make a good pundit, but these tend to be the ones who also have the brains/tactical nous/vocabulary to be/have been a manager (e.g. Mourinho, Hoddle, Lampard, G. Neville (he did at least try management). There are some others who (in my opinion) are good at punditry or at least entertaining (e.g. Pat Nevin, Kammy, Rio, Crouch, Alan Smith), but the ones who are actually the best to listen to for analysis and insight are the journalists by trade (James Horncastle, Tim Vickery, Andy Brassell, Julien Laurens, James Richardson) because that's their profession!