Not really. Europe is only going from 13 to 16 teams. Infantino pushed this as a way to appeal to the less represented confederations in the World Cup. South America goes from 4.5 slots to 6.
The real changes are in Africa, which will increase from 5 to 9, and Asia, 4.5 to 8.5. CONCACAF will go from 3.5 to 6.5 and Oceania will have a guaranteed place in the World Cup instead of a playoff.
The argument for more representation from the huge populations of Africa and Asia makes perfect sense. Deviating from the perfect competition format does not.