To a certain extent yes, but there is some context to it. If there’s a bottom half that everyone is thrashing consistently then you are a better football team (even relative to your peers) if you finish 9th with 65 points, level with 7th and 8th or a couple behind, than if you finish 9th with 49 points, and an absolute chasm between us and the top 8, and we’re actually only a point ahead of a cluster of teams going down to 12th. Those scenarios are very different as we would have beaten a lot more teams in the first scenario and therefore be better than them. It would also indicate that the season after we are more likely to perform to a better level than the latter of those scenarios.
I get your point. Moyes’ 4th place finish was in my view a better achievement than Martinez’s 5th place with 72 points, but in my view there’s also a world of difference between posting a competitive points total through playing well and posting a poor points total playing badly even if by some quirk that puts you in the same league position. The Allardyce season is a bit of a distortion in my opinion, I know we managed to clamber into 8th place at the end of the season but normally 49 points gets you nowhere near that.