I think it's valid. If they continue to emphasize the WR position, they can be the Colts of the '00s (I think Burrow is also more like Manning than often regarded). That's probably a good thing. Still, a more balanced roster with a defense that can stay competitive and an offensive line that keeps Joe healthy will require that money be distributed more broadly.
If they make sure they keep Chase and then just draft WRs as effectively as they nearly always have, that should be sufficient to sustain a highly productive offense. The Chiefs are a biased case study because of their strong offensive line, but that's also a method the Bengals could replicate (and improve upon) with Ja'Marr in the fold.