Absolutely not, like I said in a previous post, the true definition of leverage is NOT value of the position divided by trading capital.
The REAL risk is always your stop, and only your stop (in % of capital).
There are tons of C2 systems with “low” leverage but huge drawdown after each completed trade.
And there are C2 systems with “high” leverage but very small drawdown after each closed trade.
Nothing against that C2 leverage metric but it does not tell the whole story, far from it.