No it doesn't. (
https://web.archive.org/web/20051125...conference.htm)
This is the original Press Conference where Quesada said that. Read-between the lines "Too many x-books" "moratorium on new mutants being created". This is quite transparently an attempt to fence the X-Men IP.
The plan all along was for Marvel to found its own studios and develop properties based on IP that they entirely own and didn't license out to anyone. That happened after the successes of the Raimi Spider-Man movies and the X-Men movies, where Marvel wasn't making as much profits from these licensed adaptations as they would have liked. So the financial chiefs put a moratorium on stopping the lending of licenses and instead finding capital to develop their studios. They manage to attract a lot of capital for Marvel Studios thanks to shareholder interest in Marvel rising after the successes of those licensees (Spider-Man especially). What Marvel entirely owned was the rights to the Avengers and the big Three - Iron Man, Cap, Thor as well as other Avengers, so that became their focus of corporate/creative/editorial interest combined.
What that meant was that there was strong financial and editorial interest in building the Avengers up in the Marvel Universe. To build the Avengers up, that meant that the X-Men had to be taken down. The X-Men were Marvel's biggest team at the time, not the Avengers. They had all the spinoff titles too. So the attempt was to reverse that and replace that in favor of the Avengers. Then you had CIVIL WAR which made the entire Marvel Universe center around the Avengers which is how things have been since then.
Now of course...it must be said if the 2007 Iron Man movie with Robert Downey Jr. tanked. If that happened then Marvel Studios and "Avengers Initiative" is dead on arrival. So what could have happened is that House of M and Decimation gets reversed then and there. But more or less Marvel went all-in on Marvel Studios and the success of Marvel Studios led to the Disney buyout and then Perlmutter trying to replace the X-Men with the Inhumans.
But already before that Marvel replaced the X-Men with the Avengers.