At one point (around mid to late 1990s), it indeed was - only 2nd to WIN and at per or slightly ahead of AUS. If I make a PAX XII at 1999, it should be
Saeed, Mazid
Zaheer, Javed, Inzi
Khan*, Moin+
Wasim, Saq, AQadir, WY + Mustaq Mo/Salim Maliq
That time, my WI XII would be
GG, DH
Viv, Lara, Lloyd*, Hooper
Doujon+
Marshall, Ambi, Holding, Garner
And for AUS
Mark Waugh, WPhillips+
Jones, Greg C, Border*, SWaugh
Bevan, Warne
CJ Mcdermott, Lillee, McGrath + Gillmore
(Yellop was probably better ODI player, but Border makes as Captain)
Rest teams were distinctively behind.
Since then, in last 25 years, PAK might have brought couple of players in contention - Shoaib for WY may be, Babar or MoYo or Afridi or A Razzak - still not sure whom they'll replace - none of them are good enough to replace Mazid Khan, while Afridi or ARazzak would need to be reborn 10 times to be just named along Khan. & WIN has replaced ABSOLUTELY NONE.
However, in this last 25 years,
Australia has replaced at least 6 players in XII (7 including 12th man), and 7 those has won 5 of the next 7 WCs!!!!
Heyden replaces Border (Pushing Mark to 3)
Gilly replaces Phillips as WK
Ponting replaces Jones
Symonds replaces S Waugh
Mike Hussey replaces Border
Lee replaces CJ Mcdermott
& Maxwell replaces Gilmore as 12th man
...... I am still holding on to M Waugh & GS Chappell from that team, but not sure for how long - Michel Clarke, Daimen Martyn, Steve Smith, Warner, Strac ....
England will have maximum 3-5 players prior to 1999 team (even then not sure)
Butler+, Gooch
Gower, Root, KP, Lamb
Stokes*, Botham
Swan, Willis, Archer + Moeen/Adil/Underwood may be
South Africa has probably even more -
Smith*, DeKok+
Gibbs, Amla, AdV, Kallis, DMiller
SPollock, Donald, Rabada, Tahir + Styen
India will have at least 8 new names
Sharma, Ganguly (he won't have been at 1999 cut off)
Kohli, SRT, Azharuddin, UV
MSD*+
Kapil, Kumble, Zaheer, Bumrah + Shami/Sehwag (Srinath or Shami missing out to Zaheer for the later being lefti)
NZ something like 6
Guptil/Astle, Fleming*
Will, MCrowe, RTaylor,
McCullium+
Cairns, Vettori, RJ Hadlee
Bond, Boult + Oram
Srilanka has added 6 for sure
Dilshan, Sanath
Sanga+, Mahela, Hari De, Arjuna*, Angelo
Hasaranga, Vaas, Malinga, Murali + Chandana may be
Bangladesh has added an entire new team - none of the 1999 WC players should make current squad, while ZIM is understandably not considered for obvious reasons.
That probably explains why someone posting here in PP, something that ruffled lots of feathers sometimes around 10 years back - no, still Uganda wasn't mentioned.