Yes, but it could be a lot worse.
Don't forget we haven't won anything of merit for over 85 years. (Some would have you believe this is also McCabe's fault). Realistically we should be a solid established mid table + championship team, and every ten years or so, in turn, we might make it to the premiership. This is important to be able to keep our best young players.
Over the years many teams like us suffer highs and lows, slings and arrows. You only have to look at the league tables to spot the changes in fortunes of teams over the years. In any event it doesn't mean as a fan you have to suffer and sometimes you have to lose to win. (There can be pleasure in this.

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The last two seasons to my mind have been strangely enjoyable, with the odd frustration and set back. Visiting different grounds, having a laugh and always in contention, last year right to the end. This year also, we have a big chance.
I don't think on balance McCabe has failed miserably, mistakes yes, misjudgements some, and his tenure is not over yet. I do know that he has lost a lot of money, and I bet if he read this thread he might have wondered why. After all he is a Blade isn't he?
HH
PS - Kevin, don't forget my prawn sandwiches in the Exec. box at the next match.