Nah; Lotus got very defocused on new C++ and cross-platform spreadsheets. Maybe Microsoft misled them on the relative importance of OS/2 vs Windows, but to my eyes it was a classic case of too much money leading to a focus on abstract high-level issues leading to bad software.

Still, it took years for 123 to really fade away, at which point Lotus was all about Notes.

Source: I worked on the X (Open Look and Motif) versions of 123 around 1990-1992.