Pretty much. Especially now when you see how weak league is, at least compared to the past.
Domestic competition is just a fight for a bigger stage, which is obviously CL, place where big boys play. I'm not saying Scudetto's don't count but it's just getting a ticket to actually show how strong you are.
There are quite a few teams right now who won over 25 times leagues championship but in Europe they accomplished nothing. Such teams are not getting big reputation, unlike those who crush in Europe.
When you want to improve you always challenge the better players, teams in whatever (games, football, studying). It's what keeps you go forward. Focusing on Serie A alone makes no sense.