Depends on which country you are comparing Italy with. Against Balkan and Aegean states, not so much, but against Germany and Britain in 1940, very much so. This is a picture of a CR.42 that was shot down over Britain in November 1940 and is on display at the RAF Museum.
At the time the CR.42 was the most numerous fighter in the Italian Air Force, although Fiat G.50s and Macchi MC.200s were also available, but when Italy entered the war in 1940, numbers of serviceable aircraft were in double figures only (less than 100 each) for both types, whereas the CR.42 was into the triple figures, with over 300 constructed. Aside from the numbers, compared to contemporary aircraft of dominant combatant countries in Europe, these aircraft definitely had their advantages, but they were under-armed and possessed poorer performance, to say nothing for the accumulated experience the Germans and the British airmen had earned through battling it out over British and French skies through May to October.
At the RAF Museum, there are four aircraft arranged in a circle in the main hall, all of which carried out combat operations over Britain in 1940, including the CR.42. They make a stark contrast to the CR.42 and illustrate what the Italians were up against.
By the time Italy enters the war, the Spitfire and the Bf 109 are arguably the best fighters in service, being flown by the most experienced combat pilots in the world.