Pretty much. The thing with the movies is that they're all salvageable. Really a few tiny adjustments to the plots would've gone a long way (not killing Maul, being the first that comes to my mind).
The biggest problem with The Phantom Menace is that it's boring. Forget the stuff that doesn't make sense, Jar Jar, the special effects (although the special effects in TPM aren't bad). If the movie was entertaining it would've been fine. The fight at the end is awesome. Attack of the Clones is not only boring, but the action scenes aren't any good and the Anakin/Padme stuff was even worse than boring. Revenge of the Sith is the best one, but every time I see it I find something wrong with it that hinders my enjoyment a little bit. At least with Phantom Menace, all the flaws have been over analyzed, now I can just watch it and get a slight nostalgia kick out of it.
The recent Batman v Superman movie had me thinking about The Phantom Menace again, as that movie was also dumb and boring with a great action scene at the end. Captain America Civil War is a similar movie, with similar flaws, but it isn't boring which makes all the difference.