Sort of.....Had GU been in a P5 conference, at most, they lose 4-5 conference games. At most. That is still good enough most years for a 1, 2 or at worse, 3 seed. Duke, UK, UNC, KU, etc....obviously have a tougher conference slate....But, even with 3, 4 or 5 conference losses, they still looking at 1, 2 or 3 seeds.
Gonzaga would have been very competitive in any P5 conference. They were just a really good team,in a meh conference. And their OOC schedule, and record vs Top 25 opponents, show just that. Lat 10 year they are 35-22 vs AP Top 25. And they year they played for the National title, they went 6-1; Only loss was to UNC, 71-65 in the title game. Then in 2021, they again went 6-1 vs AP Top 25, again their only loss was to BU in the title game(86-70).
Last year they went 6-4 vs Top 25 teams.
Look if they were just beating up on the WCC, then getting dominated, or losing on the regular to TOp 25/P5 teams, one could make the case they haven't been worthy of their seeding. But they haven't. They have more than shown they can, and could compete with the "Big boys" of CBB.
Not only this, BUT, Few has shown he can get it done w/o the services of great seeding. FOur times he has advanced to the SW 16, as a 10-seed or worse.
GU might not have a bunch of 30-2 reg seasons if they were in the ACC, SEC, B10, etc....But make no mistake, they'd be a league contender every year. And with that, would be in contention for #1 seeds.