If you're talking strength of program overall, I agree with OP. If you're talking about this season, ISU is the better team. Yes, the Big 12 is a joke of a conference, but they still beat us on our own turf and you can't ignore that.
Just like we beat Nebraska despite them topping us in nearly every important metric, the final score is all that matters. ISU finished the game with more points than Iowa so they are the better team. The good news is we'll get a chance to fix that in nine short months.
And Iowa State would score 80 on Drake. It wouldn't be close.
That being said, I can't help but think back to that 2018 game when Iowa State barely beat Drake 27-24. If not for a questionable holding call on Drake, the game very well could have gone into overtime, and Brock Purdy might have been the first Iowa State QB to lose to the Bulldogs since Alex Espinosa.