I would say yes simply because stealth doesn't last that long in an arena battle (especially with Han and CLS who have double turn and JTR who just go often). You're still going to counter quite a bit. CLS provides a significant defense bonus and half the offense bonus of Wedge. And the 15% health recovery is easily out-paced by the damage dealers.
Another huge reason that Wedge lead disappears is that there are simply better toons available. You're not going to keep Wedge on your team (much less leading) when Wiggs takes up two places that could be raid Han, Thrawn, R2 or some other toon that brings more to the table. Without Biggs, Wedge loses a lot of utility and no one is going to keep Wiggs over raid Han and Thrawn.