Of course it does, it allows you to completely avoid much of the gameplay that those that don't pay have to go through.
For example what would being able to by top level OP gear allow you to "win"? Nothing, because you'd already be able to buy anything you could get. Therefore that wouldn't be P2W?
Or even being able to buy the top level of PvP gear, again that wouldn't make
you "win", it would just allow you to circumvent the grind to collect the best gear. So again therefore that wouldn't be P2W either?