Depends on how he’s being viewed.
From the perspective of his generation and his overall impact on the burgeoning culture of electric guitar, no, he is not overrated.
The man was creative, spirited and unafraid to push traditional sonic boundaries.
However, if Hendrix is being considered from a pure vantage point of technical ability and such, Jimi is absolutely nowhere. By the late 1970s, he was being destroyed by many players. Forget the eighties. That decade is arguably the “great leap forward” for rock guitar virtuosity.
Hendrix is monumental in the instruments’ rise to its current status as wizardly spectacle. He was in possession of musical talents, absolutely.
His influence, (select) catalogue, and, again, impact, isn’t overrated, but his actual facility on the electric guitar most certainly is.
Jimi’s music and playing hasn’t ever done a thing for me. For decades I’ve tried and tried to consider changing my opinion, but then I listen to some of his playing and I think, Nope.