I see it the same way. The fact that Fury couldn't really hurt Ngannou was a huge factor in the fight and part of this perfect storm in terms of creating a narrative about Ngannou's potential as a boxer. The thing is he is hittable and Wilder can hurt him.
Not taking anything away from the guy. He's an absolute legend already IMO.
Wilder is also eminently hittable as well. And ngannou is a world class counter puncher so as wilder comes in, he Will definitely eat ngannou's counter and his own chin will not be able tp endure it.