I would call it better. Because it's held your attention and involvement longer. As an entertainment medium, games are only good if they keep us busy and entertained. It doesn't matter if they're well written, mechanically sound, or even fun, what matters is that they ENTERTAIN. The longer they can do that, the better. And the more people they can entertain for longer the better a game they are.
And Naughty Dog absolutely slaughters CD Projekt Red in the same field (The Last of Us was probably the best written game in a decade).
That's not to say that Bethesda's writing is necessarily good. Or that it's stories cannot or should not be improved... But it's a very different game, and doesn't RELY on those stories to serve as it's entertainment. Without it's story and its characters, Wild Hunt is a generally dull game. It's power lies in its characters, their interactions, and it's story, but a great deal of that is based squarely on the shoulders of it's set protagonist. But at the same time, games like The Last of Us show that stories can be made even STRONGER if you take away the ability to make choices. Choice inherently erodes the ability to deliver a good story, but choice is the cornerstone of what Bethesda does. Which inherently makes its stories weaker.
Graphics isn't something i can argue against. Bethesda is well behind the curve on graphics, that's a simple fact. I tend to think it's simply a manpower issue, as they don't have an army of slaves new hires to do textures and rendering like, say, Ubisoft, but it's something they really need to deal with if they want to compete in the AAA game.
There are lessons to be learned from Wild Hunt. Lessons that Bethesda should take a hard look at. But it's story telling standard isn't one of them, nor is is really achievable with Bethesda's model. Better stories, yes, but taking it to 'Witcher 3 level' would require either an absolutely unfathomable amount of work (fully developing hundreds of characters into distinct personalities that you then develop relationships with and THEN using those potential relationships to develop stories) or totally compromising the Bethesda model.