Well Yes and No. There was a lot of politics on that matter. The story where he created a universe took place durin the Armagedon 2001 story arc where Captain Atom was suppose to be the Monarch, partically the evil Cap that was conflicting in his universe. After the changes to Hank Hall, they changed all that.
Later writers just ignored Captain Atom's mental blocks removed and was still on the level of the likes of Superman, Martian Manhunter, Captain Marvel etc...
At full potential he should but on average I think he is a bit below Silver Surfer