Nah. There's more to keeping than reflexes. Schmeichel was the best ever at one on ones as well, allowing a higher line of defending. And his anticipation was better. This, combined with his presence, allowed him to dominate his area more than any other keeper. Neuer is the closest thing to it, but he didn't have the same intimidating presence and has to compensate with speed. Schmeichel was basically the definition of the modern keeper before that idea became a thing.
Schmeichel was great at one on ones but I'm not sure how you can say his anticipation was better. There were plenty of times where he rushed out like a madman and got caught, the Owen goal at OT comes to mind also the time he got sent off for hand ball against City (I think?) and there plenty of occasions.
He definitely isn't a definition of a modern day goalkeeper, he wasn't very good with the ball at his feet, DDG is far superior than him in that category. His strengths was as you said his intimidating presence and his insane shot stopping ability.
DDG is a different calmer GK but he's just as good.