No, Apex Legends is a good business venture for EA being very successful, but no it's not a real competitive video game title. It has competitive elements, but it's still based around RNG, Legends of different stature and/ or so varying randomness that it would be quite hard to predict the outcome.
A competitive title in my opinion wouldn't be about randomness, but about known paths and/ or elements that one must learn and continue to get better at. Two teams of equal skill and/ or practice competing against one another.
Apex Legends doesn't do that, it's more based on who can wait the longest and shoot the last person/s. In my opinion, a true competitive title wouldn't have that as the core gameplay, but would be more like team A vs team B or so on.
DOTA 2, LOL, CS: GO, Valorant, Tom Clancy's Siege, Overwatch (does have different size heros, but not random). It's like the same thing with PUBG, it can't ever be competitive because it's based on RNG. How can anyone be competitive on something that is randomly generated?
Respawn tried to do competitive Apex legends, it's called Arenas.
Valorant became popular because most mouse & keyboard players knew it wouldn't cater to the aim assist community, so they invested their time into it. Streamers suggested changing aim assist to Respawn, but they wouldn't listen, here we are. Streamers now don't even talk about it because they get blasted if they talk negatively about aim assist, so they slowly move towards different titles, including Valorant.
My own beliefs on what I don't consider competitive.
1) Aim assistance
2) Low tick rate servers
3) RNG (Random Number Generator)