Not quite, whilst I don't doubt the beauty of FFXIV (Upper La Noscea is stunning), FFXI's art and detailing went much deeper likely due in part to the hardware limitations they were faced with back then. Rather than funnel resources into complex high resolution assets, they poured effort into the broadening the world and replicating little things that just made the world feel so much more dynamic and believable.
One example that's already been mentioned, Airships, unlike in FFXIV, FFXI's public transport flew on a strict rota. Not only could you sit at the docks in a city and watch the them fly in and out on schedule, you could watch them fly overhead perfectly in sync through the zones they passed over. When you remember that this was a zoned game running on a PS2, that's an incredible amount of effort for such a small detail.
Ifrit's Cauldron (The volcano beyond Kazham on Elshimo) was a similar example, not only would it actually erupt, but you'd see it do so in sync from other zones on the continent. FFXI was full of little things like this, many of which we will likely never see again due to how production costs have spiralled upwards forcing studios to be more cautious with their budget.
The art direction wasn't flawless of course, FFXI's dungeons and underground corridors were generally pretty awful from an artistic standpoint. Most of these were built around modular geometry with some clutter thrown in to try and keep it fresh. FFXIV is the opposite with the open world feeling a little lacking at times, but dungeons typically being beautifully designed (To anyone that doubts this point, on your next Skalla clear, return and just walk back through the dungeon taking in the sights either side of the path, it's actually a really stunning dungeon).
This really depended on your job and flexibility. At the opposite end of the spectrum, I was a Taru BRD main (WHM, BLM and SCH on the side) with a lot of gear, enough so to main heal for multiple pulls whilst the proper healer just rested through to keep chains going for longer. It was a cold day in hell if I couldn't get a solid merit group going within 10 minutes. Rather, getting a decent spot with enough mobs was my problem/humblebrag.