You'd think so!
But I went to see him once in a promising but bizarre mix with funk keys wizard of Woo, Bernie Worrell and bass-master-of-Mahavishnu, Jonas Hellborg at the Jazz Cafe...
And he appeared to be wholly out of his depth - whenever he tried his "incredible jazz chops" they sort of fell flat, they just didn't work and he just looked out of place in such exalted company. So he started getting petulant and spent ages tuning his snare between each song, as if it was to blame. So in my experience, he's revered for being merely OK. Perhaps he was better back in the day, but bear in mind Clapton is also revered despite being nowhere near as good as yer actual blues-meisters like the Alberts!