More than the team with no product. There's a huge difference between large entrenched businesses and early-stage startups. Turnover in large corporations is huge, the team has turned over multiple times already, they can do so again.
An early stage company that barely has any code? Yes, in that case, it's the team that matters because they haven't fulfilled the vision yet.
A pithy statement that is like candy to VC ears, but falls down if you think about it even a little.
Nobody is going to buy Adobe for its client list.