Yes, perhaps, but it had a big drawback. You could not build a Firewire device with a single die because of the high voltages. This added cost to the USB device (memory stick, etc) meant it would never be price competitive with USB. I was a member of a USB working group and was amazed when a member from a large Japanese company explained that to me. Up to that point, I had not been exposed to the low-end (as in price) of the USB market and didn't realize the significance of this issue. These manufactures would bring the 5V straight into their IC and drop the voltage on-chip. That is actually fairly difficult in the age of such small chip geometries, but basically impossible for Firewire which is 8V to 30V. The USB market is driven by the low-end, so Firewire never had a chance because of an engineering specification.
To be fair to them though, it's very easy to get caught up in the beauty of those theoretical designs and forget that the best-selling car is a Toyota Corolla, not a Lamborghini.
Or, to put that another way: is the total profit per Lamborghini sold really higher than the total profit per Corolla sold, after the CapEx and OpEx of any maintenance + spare-parts supply logistics + recall costs + training + supply contracts + etc. are taken into account? (I would assume, if it were, Lamborghini would have a higher market cap.)
A Lamborghini is full of flashy, pie-in-the-sky engineering that often ignores practicality in favour of flash and performance. On paper, it's a beautiful machine, but much like in the case of FireWire, it doesn't meet eye to eye with the real world around it.
The Toyota is less ambitious, more constrained by reality, and while it certainly doesn't match the on-paper specs of the Lamborghini, it is in every way more practical and viable as a system.
I would consider the Toyota to be the better engineered of the two when looking at them as cars and not as toys, even though it lacks the technical wow factor.
In that sense, Firewire is less analogous to a Lambo ("a better car"), and more akin to a truck. But a very tiny truck, designed for both off-roading and portability. Which is to say: an ATV.
An ATV isn't better at being a car than a car is, but it is better at being a truck than a car is (though worse at being a truck than a truck is.) But sometimes, especially in constrained environments (e.g. search-and-rescue in the Alaskan wilderness), a truck won't fit, and a car won't work. So you need an ATV. It's well-engineered for that particular set of constraints.
Which is also the deal with Thunderbolt: it's PCI-e, but smaller and ruggedized, for places PCI-e itself wouldn't work (like a laptop), but where you nevertheless still need PCI-e -alike performance and bus semantics.
Even including an optional 5V power pin would have improved this situation, and could have put FireWire in a similar situation to Thunderbolt 3 now, capable of functioning with both high-end professional equipment and ordinary consumer devices.
With engineering solutions like Firewire it could have been as fast and more reliable. But more expensive, i.e. not mass market or consumer friendly.
In contrast to the sheer idiocy of demanding a "pocket change" fee of $1 per port, which made FireWire an instant turnoff for most device makers not targeting Western markets, and singlehandedly killed FireWire as a standard.
FireWire was possibly better engineered, but USB was better marketed.