I don't think so. Take like a run of the mill fighter, like maybe Kaheem Murray or something. Roughly 5'10", which means that he has probably a 3 inch length advantage from the hips down. That means that say Figueiredo gets within his kicking range 3 inches prior to Murray getting within the flyweight champ's. He probably has a reach advantage about 4 inches, we cut that in half for both sides, the flyweight champ enters the range to receive punches 2 inches prior to being in range to land a punch. Not only that, Murray will come in at around 172, the flyweight champ enters around 138, about a 34 pound differential. This LW will inevitably hit hard, both with the hands and with the legs. Not because Murray hits hard. He may or may not, I have no clue, never seen him fight just pulled a name out of the hat. Murray may not hit hard for a lightweight but he will hit hard relative to a flyweight because he has more muscle with which to generate force, and more mass to generate momentum. Also, we know that with size, the ability to endure a punch increases as well, perhaps only linearly, but it still does. So as the flyweight, your punches are less effective than usual and the punches against you are more effective than usual. And you have a very hard time accessing your own punches while avoiding their punches because you have this range disadvantage. Usually when you have one fighter who is much longer than another fighter at the same weight, there's a tradeoff in power because that mass is spread out over a greater area. Here that is not the case, the lightweight has both range and power.
And if you try to wrestle, you're trying to take someone down with again this 34 pound differential. And not merely is the person heavier. The person likely has a strength advantage against you because of this added muscle weight, which he can use to fight grips, fight hips, etc. Even if you get them to the ground, you have to hold them on the ground, and they have a lot of muscles which would help them explode up to the feet. It's very difficult even for flyweights to keep other flyweights on the ground, much less much larger guys.
Are there ways for the smaller man to win? Sure. Like he could do a crazy sweep into a surprise leg lock. There are other ways, but they are relatively low probability. The light weight will try to keep the flyweight at bay via leg kicks, establish distance with the jab. And even these casual leg kicks or jab will rival and perhaps surpass the hardest strikes that the flyweight would face in his own bracket. So what the lightweight is doing merely to establish distance, the flyweight would actively have to try to avoid because, for the flyweight, these are thunderous strikes that could accumulate and become very debilitating. Without any of these problems, flyweights already have the lowest KO percentage, I believe something like 20%. That would go down, of course, because many shots that would drop a flyweight wouldn't drop a lightweight. So as the flyweight, it's statistically unlikely that you'll get in once and get the KO, you have to consistently get within range to strike while avoiding leg kicks and jabs. Is it impossible? No. But it's a significantly harder gameplan to execute.