Of course not. Phir Hera Pheri movie is more of a comedy flick which depicts the story of heist. The movie is greatly inspired by the Hollywood flick Lock Stock and Two Smoking Barrels. You should watch that movie, it is far better in terms of gripping story line than Phir Hera Pheri. Phir Hera Pheri is for Indian audience that provides comedy along with a story, but the last movie is completely amazing with good script and cinematography.

Now coming back to your question, Money Heist is far better than Pher Hera Pheri, as it is a web series completely based on crime, drama, action, and thriller genre. The story line is gripping, and cliffhangers after every seasons makes the viewer ask for more. This has created great hype for the web series. The movie is not of comedy genre, hence shows real emotions and character development than Phir Hera Pheri.

Characters in Money Heist belong from different background, and provides flashbacks to explain their backstory and background. The web series meticulously develops character in parallel of progression in the plot of the web series. This is one of the reason the web series has got so many recognition. Fans around the world are waiting for the series to release its 5th season, which is coming on 3rd of September. So to answer your question laconically, Money Heist is far much better than Phir Hera Pheri.