Absolutely. But I also think it's fair to call Montana an outlier. He was ridiculous with his reads, anticipation and accuracy. Athleticism was severely under-rated too (PA state high jump champ in high school). For the most part, though, you need a cannon to be an elite NFL QB. I just don't agree when that logic is projected onto college where we see so many elite QBs that don't have big arms, including some Heisman winners who couldn't even run.
Danny Wuerffel comes to mind.