Personally, I have to say they are. Watching them in the Copa America was fantastic and they have such a talented squad with great understanding amongst each other.
I think they would beat England and they've already shown that they can beat the likes of Italy and Argentina too. They thrashed Chile, who impressed at the World Cup.
Wouldn't say they're at the level of Spain/Holland/Brazil though, obviously. They could maybe match Portugal. They're better than France.
This is all ofc, just in my opinion. I'm not trying to say the above are facts.