This is true. They could play against other top teams, but I think there are only 3 or 4 you would be bothered about: Real Madrid, Barcelona, Bayern Munich, and possibly PSG (not so much). Outside of that, I don't think people care that much. The rest of the major teams are in the Premier League, which they play every season. So, you are not even guaranteed you will get them.
Not being ceded will help those chances, but that will also just limit their chances of progressing.
It might be nice to watch (if you do draw one of those teams), but they have an outsider chance of actually being able to win the competition. I wouldn't say it is a massive deal.
In the end, unless they start spending like mad (despite reaching the CL), they will never be seen as one of the top clubs. Leicester tend to only spend what they bring in, judging by the £15m net spend over the past three seasons.