The short answer is it depends.
The long answer is that it all depends on how you handle it and the conflict (as others have said above).
For my example, I'm going to use a character I used to read a lot of as a kid, Daniel X by James Patterson. Daniel is a Reality Warping, shapeshifting, matter manipulating teenager with enough super strength to punch through brick walls and enough speed to catch up to speeding cars with ease. His first adventure he is legitimately threatened by someone who is aware of all of his powers and gets around them by manipulating him and subsequently incapacitating him with a timed bomb.
In subsequent adventures, he gains the ability to travel through time (and thus redo nearly anything he got wrong the first time) and later pushes the limits of his Reality Warping to the point that he could imagine others dead. The it's revealed that he could have revived his long-dead friends and family anytime he wanted, and you suddenly start wondering why all the conflict of the story happens in the first place.
This is a clumsily handled OP protagonist.
On the other hand, you have other OP protagonists like the Hero (he's literally just named Hero) of Maoyuu Maou Yuusha: "Kono Watashi no Mono Tonare, Yuusha yo" "Kotowaru!" (The Hero and His Archenemy the Demon Lord: "Be mine, Hero!" "I refuse!")
Being the chosen hero of the entire series, he boasts overwhelming power that would allow him to defeat literally anyone in the story in a straight up fight, with the talent, charm, and companions to make it work.
On the other hand, his overwhelming niceness leads him to push his friends away since he doesn't want them to get hurt, unintentionally hurting their feelings in the process.
The it's revealed that the current Demon Lord isn't actually evil, but instead wants to preserve the balance of power between the Human and Demon Worlds and promote the economy and technological advancement in both worlds to increase the standard of living.
Having lived and trained for nothing but beating the Demon Lord, the Hero is basically useless for doing much other than physical labor now that he's been deprived of his role of "killing everything that seems to be evil" and laments that he's never really gotten a proper education.
This is a well-handled OP protagonist. He's super-powerful, but not in the circumstances needed in the story. He's super-nice, but it also works against him. He's likable, but clearly flawed. In the end, technological advancement also deprives him of his nigh-invincibility in combat, further adding to the stakes of the story.