Yeah, at least that's the stance every PC fan that was around at the time holds. The reality may be a bit different as that UCLA squad, with Walton, Larry Farmer, Wilkes, Lee, Hollyfield (Meyers, Nater, Curtis off the bench) was 75 games into the longest unbeaten streak ever (lasted nearly another year) and may have been the only one that could have knocked off the Kareem (Lew Alcindor), Shackleford, Allen, Warren Bruins from a half dozen years earlier.
That was a tremendous PC squad, due to Barnes and Ernie D but Memphis St had an equal center/point guard due (Larry Kenon, Larry Finch) and a deeper roster. They may have been able to knock off PC if Barnes was healthy (they won going away in the actual game).
PC was quite talented that season but I doubt any school made Wooden/UCLA nervous that year.