Well, that's one way of looking at it.
My take, though, is that the institutions held, if barely. There are numerous in-built checks and balances in American democracy to guard against abuse of power. Four years ago the institutions did hold - and in spite of the 1/6 insurrection attempt - the power of the presidency was transferred.
On the other hand, I agree that we should not fall into a sense of security. Although the results of the 2020 election were respected and power was transferred, it was a narrow thing. Should Trump win in 2024, he'll so-weaken the system that in 2028, it's almost certain that Trump or his hand-picked successor will come to power regardless of election results.