No. It was one the the best medium tanks in the War. It could match the Sherman in most aspects and actually was the basis for the design of the German Panther V. Certainly the quality of the Sherman and the crew comforts were better, and the Sherman more than likely had radio communications (most T34s did not) but the T34 could match the Sherman (and Panther) in speed and off road mobility. The sloped armour of the T34 actually gave it better protection than most Shermans, at least frontally.
The T34 had wider tracks than the Sherman which gave it better off-road mobility, as least in boggy or snow covered terrain.
The T34 wasn’t a match, one for one, for the German Panther or the German Tiger. But the Russians were putting out 1000 T34s for each Panther or Tiger the Germans produced. And that's the way the Soviets used them - oh, there are 20 Panthers up the road? Send 200 T34s up that way, then send another 200.