For me, yes, Ocarina of Time is without question the best game ever made. The culmination of everything 3D gaming built towards with a giant world that wasn't just "big" but also engaging. It was the right size for me, without being too big or empty, but just large enough to feel like a grand adventure to make acquiring Epona really feel amazing after traversing on foot for so long. The puzzles and dungeons were brilliantly intuitive and were a masterclass of interactive, 3D puzzle design in an era where "push the box" was typically as complex as most games got (not that Zelda didn't have those too). It's graphics were at the time utterly gorgeous (still hold up), the music and melodies of the game fill every second with memorable tunes and soundbytes that really brought the adventure to life and made music integral to the gameplay, and the variety of weapons and items you could use in such inventive ways made the game a treasure trove of secrets and easter eggs that fans were still discovering over a decade later.
And the story and presentation itself is very "timeless". It will never become dated. It feels like the quintessential fairy tale adventure in many regards, and while it has moments of camp and goofiness, nothing feels out of place. All its parts are working together. There's no bloat, no excess baggage or overused tedium. Fetch-quests are mostly optional and still never drag on too long, the item trading sidequest is addicting and rewarding, poe hunting is amusing, HOURS of the game were lost to fishing, upgrading quivers and wallets through mini-games were perfect diversions, horse racing was challenging and fun, Gold Skulltula hunting was the ultimate bug hunt, mask trading was enjoyable, and that's still barely touching everything the game offered.
I don't think there's ever been a game as well balanced, well executed, and fully realized as Ocarina of Time, before or since.
Games may look better and play smoother these days, but Ocarina of Time still has this magic to it that I don't believe will ever falter with time. It's as fun to play now as it was the day I first got it.
It was my personal favorite game of all time until Xenoblade came along, and even then I still acknowledge Ocarina of Time is the better overall game.
Edit: ^I see I'm not alone. Lol.