I was barely alive, didn't live through that era per se, but have come to believe the answer to this question is an unequivocal yes. Watch the movie on apple or read the book "Never a Dull Moment: 1971 The Year That Rock Exploded" and you'll be hard pressed to find a better single year.
Who's next, LZ IV, Sticky Fingers are peak Rock and Roll. Joni Mitchell, Carole King and James Taylor led the ascension of the singer songwriter. Bowie and T Rex kicking glam into high gear. Fragile, Meddle leading the way for psych rock and prog. Sly and Marvin releasing some of their best work.
It's an easy answer when you look at it objectively. I'll add for the record i'm not one of these "they don't make any good music these days" types, in fact i completely scoff at that notion. But this year truly shines as a transformative moment.