Yes but also S Yates literally won the Giro last year against two of the young guns, Del Toro and Pellizzari. And Roglic’s numbers have risen over the years along with the peloton’s. With the exception of Pogacar and Vingegaard, it is not a matter of other riders having surpassed him but a matter of his form not having been there consistently since 2023.
2024 he started slowly, got a win, looked very strong before crashing in Catalunya with Vinge and Remco, had some nice moments in the Tour (and some bad ones), and looked very good in the Vuelta. Already some signs of inconsistency (even in winning the Dauphine), though potentially due to new team, prep mistakes, crashes, etc.
2025 he started slowly in Algarve, then smashed Catalunya and everything after that was basically ruined by the Giro crash. Even then, he was stronger than the rider many call the new number 3 GC rider (Lipowitz) on multiple occasions. Lipowitz did not put up performances that exceeded anything Rog had done.
2026 started a little slowly like previous two years. But again, he did not put up 2024 Vuelta numbers and get smoked; he performed like a guy shaking the rust off.
At some point he is bound to decline significantly, and that might be the case now. Maybe the Giro crash, Tour, Remco joining and preventing him from riding the Tour, ending that dream, time away from his kids, seeing Hamnet, all conspired to tilt him away from that 100% edge required to be at the top of the sport. Or maybe he is just easing into the year. Too early to tell, IMO.