From a performance point of view the CL is just a high standard knock out cup and doesn’t prove much... for instance are the runners up the second best team? Are the last 16 the top 16 in the World? In what order? ClubElo once calculated that the best team only won the CL 55% of the time and often didn’t win their own domestic league in the same season.
From a historical point of view, which is what the vast majority of people care about, you are entirely correct.
Pep often refers to the above saying he knows that he will be judged by others on if he wins the CL but it’s not how he judges himself knowing that one bit of bad luck and you are out.
If not winning the CL gives the press and opposition fans something to shout about then so be it. I used to do the same when United never won it!