Short Answer: Yes.
Long Answer: Araki is a hack.
Stand rankings are semi-important up to Part 8, and when JoJolion got into the chapter count withins its 20s, Araki just stopped using them after Stands like Nut King Call and Born this Way were shown. Most of the stats meant pretty much nothing to the series alone, the only real stat that mattered was Development Potential.
That's the complete opposite here, where we don't even mention that stat and only mention the raw stats that matter for us. From what I've seen, we've based the system off of the A - E rankings and the low end DC/AP/Speed feats for Stands that have that that ranking, and then scale it to every other Stand with the same ranking, and if a lower-ranked Stand has beaten it or scales to it, upgrade that Stand, and every even lower-ranked Stand that scales to that previously lower-based Stand gets bumped too. It's complex and a little confusing, but JoJo itself as a verse is just a cluster of scaling unless you're Jotaro, Giorno, Johnny, or Pucci. I will admit that it's a little underdeveloped to the point where we don't even have a stat for Stands ranked in C Speed, which leaves us either to figure it out ourselves, scale, or just try and see what we can find from the obvious, but its all we have at the moment.
As for "showcasing them as obviously stronger than their given ranks", that's only given if they're capable of defeating a Stand by physically overpowering/easily tanking/blitzing it despite a higher ranking in whatever stat, and I'm assuming you're looking at Part 3, really the only part that has such a heavy impact on this kind of scaling with the main cast because Jotaro is a beast. The stats should be taken seriously, the only question to be asked is if they were capable of performing something above or equal to a Stand with a higher ranking.
I hope I was of some help answering this, and I have no say if we should change/remove the system if that's to be implied in this thread. If we keep it, everything stays the same, and if we remove it, that'll just leave us to put in a lot of Unknowns.