Yes and no

The internet era has brought about the rise of small dollar donors making an outsized impact (for better or worse - it's not always a good thing)

This has given rise to more forms of populism (left and right, benign and toxic)

In any case, it does provide some counter weight to large donor class.

Money tends to have diminishing returns past a certain point, when it comes to elections.

And I think people underestimate what dopes many large donors are - that just get milked by the party people pumping them full of sweet talk and don't really get much in return