Basically yes, The Graf Spee had large calibre guns on a 12000 tons standard displacement. Calling her a Battleship because of the size of the guns was a bit generous. Most Battleships carried guns larger.& had done since before the First World War. Something had to be sacrificed to get 6 11" guns onto a ship this small & a lot of it came from armour, or a distinct lack of. She only had a belt 80mm thick, which in naval gunfire terms, left her very vulnerable.
Look at the damage that the British Cruisers inflicted on her at the Battle of the River Plate. Two were 6" cruisers & 1 was an 8" cruiser. She also wasn't the quickest ship in the world at 28 knots. At least 2 knots slower than a regular cruiser & about all she could outrun were the Royal Navy First World War vintage Battleships.
Had her or any of her sisters run into one of the British Battlecruisers or the KGV's, it would have been a very one sided fight. Too slow to run away, heavilly outgunned & armour that could be easily penetrated.
When they sunk the Gneisenau as a blockship in 1945, she was already pretty much a wreck. RAF bombers had caught her in dock in 1942 & the fire that resulted burned out a large part of the ship. Do agree though that the Scarnhost/Gneisenau were beautiful ships.