I'll bite...
Theoretically yes. But the one thing - and I think most on here would agree with - is the abstract role that "class" plays. It's impossible to truly quantify class. Beyer speed figures (and other similar, well-designed figures) do the best job out there, however, at capturing the overall ability of a race horse.
But horses with inferior figures, who are dropping in class, seem to improve enough as a result of the class drop (or other factors, such as the pace of the race) to support the idea that class plays a role. Perhaps this part illusion, or hogwash... but I think if all else was equal, and two horses had the same figures but one was earned against tougher horses, I would take the class dropper over the other almost always.
That said, maybe someone else can explain this better...
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