They had some world class players in that team. Superstar players like Santamaria, Valera(captain), Juan Alberto Schiaffino ( one of the best players in the world at that time) and V.R.Andrade. They performed superbly in tough group stage against Czechoslovakia, Scotland and Austria , never conceded any goal and demolished a great Scotland team 7-0. They surpassed to quarter finals against England, England had some great players like Wright, Finney and Matthews but they were not a problem for that Uruguay. Uruguay won easily 4-2. After they surpassed England, they gonna faced one of the best teams of all time "Magyars team" that had players like Czibor, Budai, Kocsis, Hidegukti and Bozsik. They gave a great fight, however they lost 4-2 against that Magyars team. Their last matches was against a marvellous Austrian team that lead by Ocwirk and Hannapi and they lost to Austria and got a 4th places.
Based on pure talents, I would say yes they probably had a better talents in 54 . Santamaria, Leopardy, Abbadie, Hohberg and a lot of youngsters were debut at that tournament mixed with veteran players like Obdulio Valera, V.R. Andrade and Schiaffino and they got one of the best teams in the world at that time. Unfortunately, they faced the best teams in the world at semi final and lost against another great team ( Austria) in third place play-off.
Puskas was injured and couldn't play against Uruguay.
This is a great article about Uruguay 1954.