Yes, but a (big?) part of what makes a team fundable is some ability to come up with a viable idea. The market may not always agree with the founders' and PG's idea of viability, so good teams can pivot, but if you don't have any ideas or your ideas don't have technical and business merit, best-case you're left with a couple of really great employees.

I can agree that a good idea with a bad team is a bad investment, but I wouldn't invest in either without the other.