Golden State probably wins the title, but it's not because they're a jump shooting team.
It's because they're an elite jump shooting team that also plays elite defense. The downfall, and the reason for that adage, is that a good defense can create enough discomfort to cause your shooters to have a few off nights, and you need something else to fall back on for offense when that happens. You either have to be an elite defending team or have a couple players who can score at the rim consistently, either as post players or as driving guards.
In Golden State's case, they have an elite defense.
That said, I still don't know if they get past the Grizzlies if Conley and Allen aren't both playing through injuries, because the Grizzlies defensively were able to disrupt their shooters, which forced them to have to try to win lower scoring games. They're very capable of doing that.
As an aside, the Grizzlies were also the one team that could give their elite defense trouble, but without Conley and Allen healthy enough to continue to disrupt their jump shooters on the perimeter, they were able to eventually pull away in the series with their jump shooting.
That said, the analytics guys have figured out that 3 > 2 though, and they've figured out that shooting a high percentage from 3 is better for offensive efficiency than playing great paint offense. You can't JUST be a shooting team, but it's much better for your offensive efficiency if you can do it.