When I saw the title, I hoped this would be a debate whether an Order of Lenin was more or less valuable than a Hart Trophy in an all-time context.
The answer to your question is, "yes and no."
The 1964-1976 Soviet teams (and all their teams, really) were loaded with players who would have been NHL stars (or at least solid contributors) had Comrade Brezhnev allowed them to play in North America. The Summit Series / Rezendouvous / Canada Cup / Challenge Cup / etc experiences show that the Soviet players were very much on par with the North Americans.
Would the Soviets have been world-beaters had NHL players been allowed to play in the Olympics? No.
Would the Soviets have regularly been favorites against a NHL-equipped Team Canada. Yes, the huge Soviet advantage being that so many of their players were club teammates at CSKA Moscow (chemistry is huge in a tournament).
Should we write off the entire era as Soviet pros smashing North American amateurs? No, because the Soviet pros had a habit of also kicking North American pros in the face during head-to-head meetings. Those Soviet teams were good.