Not at all. To say this is the weakest story of Season 7 is, to me, a mark of just how strong Pertwee's opening season was.. This is arguably the story that best blends Doctor Who with the spy thriller type approach they were going for at the time, and though the final result had been tampered with a little by Dicks and Hulke, David Whitaker's exceedingly strong storytelling still shows through. Like the Silurian story before, we meet a group of aliens who we immediately judge to be a threat, only for them to turn out to not be a threat at all; we also have a villain who's not neccessarily evil but simply sees things in a radically different light, which was unusual amongst Doctor Who's more frequent use of typical mad scientists and the like. Another thing I loved was how mysterious the aliens in this story were, something which showed that just because the show was grounded on Earth didn't mean it lost its sense of wonder and intrigue (nowadays, New Who's Earth-based stories tend to miss this). It's a very intelligently plotted story that further fleshed out the sort of themes Pertwee's era would continue to touch upon. Jon Pertwee was great as usual, as were his co-stars Nicholas Courtney and Caroline John.
It's not without its flaws. You could say the story's a little too mature for family viewing where some would care little about such things, and seven episodes can lead to stretched out stories, but personally I see this as another outstanding story for one of my favourite eras of the entire show.