Probably better? A million times better. That 11/12 team wouldn't have won the scudetto this year. Not a chance. We might not have qualified for UCL this year with that squad. Aside from a decent (but declining) Milan, Serie A has improved by leaps and bounds since 11/12. It's still not where it should be, and neither are we, but it's much better than the 2-3 years prior.
And sure he's had two years, with limited transfer budgets. Name the 20mil+ players we have bought under Conte? Can you name 1? He got the absolute max out of our squad the last 2 years, and this year we had a slip-up in the UCL group. We're not a top 8 side if one looks at transfer budgets. We're close, but until we can splash at least 1 30mil + signing every year (or even every other year), we're going to have to rely on grinding out European results as we won't be as talented as our opponents.
You can say we would have been stronger if we had built on that team's formation and tactics, but that is all hypothetical. We lucked into a scudetto that year, alongside brilliant maximizing of potential, and intense hard work. We're 10 times the side now, but until we can bring in another star or two, don't expect us to be without hiccups on the road to European glory. Case in point is the yo-yoing fortunes of a team like Atletico. One year EL winners, next year EL round of 32 to Rubin, next year CL semis. I have a feeling we'll at least make UCL quarters next year, if not semis. If we get bounced in group again, I'll be disappointed, but I don't see it happening.