Possibly. But then All the Boys I Loved Before has been seen by more people than CRA and it's definitely been a bit buzzier if that makes any sense considering CRA topped the box office 3 weeks in a row.In this scenario the issue isn't with the studios though, it's the theater chains (especially the smaller arthouse theaters) which make most of their profit of festival buzz films. If those are Netflix one-week only releases (that due to their limited release will already miss a ton of theaters), they will barely reap any box office profits from them.
This on-going war might have started as an elitist struggle against streaming services, but it's more and more becoming evident that it's the bypassed theaters who will suffer here.
This is also a great example. Netflix reportedly threw a guaranteed trilogy deal plus tons of money at the makers, but because they were adamant about bringing a picture with a full Asian cast to the big screen, they opted out of the Netflix deal. If they had taken it, it would've probably been buried in the gigantic slate of Netflix films that are released and forgotten about after a day because Netflix doesn't even advertise releases in a traditional way. The guaranteed pot of gold is too attractive for a lot of filmmakers, but if you have confidence, a theatrical release is still the fastest way to get attention on your product.