No Jones is not, reason being is that he's the champion of a division that has always been low in talent, but high in star power. It gives him the illusion of being a great champion, albiet you got to give the man credit where credit is due, he is nowhere near GSP, Aldo, and Silva who have been consistently challenged by people around their skill level or above.
We can draw a couple comparisons between Silva and Jones, both have fought Vitor, Chael, and Bonnar. Silva proved to be more dominant against the 3.
What jones needs to do is take a fight at heavyweight while the division sorts itself out.