Yes, the fact that patches are released every 4.5 months is not an issue if the content has good longevity and replayability, and if the patch quality is up to par.

However, I don’t feel that the current Final Fantasy XIV patches are better than those from the 3.0 era.

Patch cycle 4.0 undoubtedly had the best balance of quality and content longevity for PvE and other features.

In that case, yes, it negatively impacts the perception of the game when patches were better during the Stormblood era in terms of replayable and engaging content.
Back then, there was a massive amount of content delivered in patches every 3.4 months.

The extended patch cycle now is clearly noticeable and frustrating, especially since the game’s quality hasn’t improved—neither in features nor job design,
on the contrary, it has declined.

Even the mobile version of FF14, still in developpement and not yet released, already has far far away better features than the PC version has managed to deliver to the players in 12 years of existence.
The developers clearly aren’t making enough effort, and one often wonders where the money goes.
Is it being used to fund the commercial failures of their poorly executed AAA games?