I don't think it's more important. I think it's a factor. If had to pick one metric it would probably NCAA tournament games played. That reflects consistent excellence in getting in (which matters a lot) and deep runs. Conference championships matter as well (regular season > tournament).
I agree the era that matters most is the 64 team era. But reaching a final isn't critical to be a good program. Bama still hasn't done it. Texas and Notre Dame haven't done it yet have each played in over 80 NCAA tournament games and won 40. Is San Diego State more successful (26 games, 11 wins)?
I wish I could sort
this by games played and eliminate at least everything pre 1975 and see what the results are. Guarantee UConn would be quite high.