Fundamentally of course, there's always been no stakes in any arc when you can count on no SH dying and Luffy always beating the big bad.
Yes ofc no one expect the SHs to die but as you said the execution has been pure shit, and the overuse of putting them in situations where they should get fucked ( like the BM chase shit through WCI, why keep putting her near the SHs if they cant do anything to her only forcing you to clown her to they can keep escaping?) but then not really only serves to destroy the suspension of disbelief us readers are supposed to have when consuming the manga.
I mean W7/Enies Lobby were great because of the way it was executed and you could feel the tension rising throuhough the arcs until the climax, in Wano we never even fucking saw Kaido or anyone of note for the majority of acts1 through 2. Mostly saw random fodder from the BPs and or people we dont care about from the good guys side. I mean they were in a Yonko's territory ffs and it fels like they were taking a vacation, its especially jarring with Luffy's case where he went to this prison ''hell'' except it wasnt really hell, it was summer training camp.
It's really execution that matters and that's gotten way worse. Oda has taken the lazy route of Dragonballing arc and having Luffy get the absolute shit beaten out of him 10 times and get healed and powered up inexplicably.
But even worse than that I'd say is the addition each arc of a bajillion characters nobody gives a fuck about while Oda shoves in 50 panels a fucking page telling you to care
lol
Overbloated arcs, Luffy turning into the worlds biggest tank+ enemies acting like complete retards 80% of the time when around the straw hats and you have the perfect recipe for a shit cake.