No it's not.
w/o Xserver, there will be a few winner and a lot of loser on EVERY server, with only a few who have to fight it out and/or depend on luck of draw
w/ Xserver, there are only a dozen or two winners and a fair number of loser per region, with large number of player who have to really fight it out on the grand scheme of things (note that for those players, individual fights might be land slide one way or another, but the overall performance of the event will usually depend on the few fair fight you do get)

The real problem is that the "losers" tend to be concentrated on the latest batch of servers that just got into the Xserver business, so it is far worse than it is "on average" for those servers. So the end result is that overall, everything is better with Xserver, but new servers have to go through a hell period before getting to the fair-ish land. (not fair, fair-ish, meaning more fair than w/o Xserver)

Now, I am NOT saying that masuri is good as is, there are certainly ways that the match making can be improved. I am ONLY saying that it is better, on average, than it is w/o Xserver, given the same match making mechanic.