Yes, up to a point but then the best players don't always make a good team so it's also about making the players you have work together effectively. It's just that often a good player can function well whatever team he is in, so is worth paying the money for.
International football is about making the best team you have from your native players. Until rather recently, I think, the definition of "native" might have been loose enough that Suarez could have ended up playing for England, although he probably wouldn't have wanted to. The great Hungarian player, Puskas, switched to playing for Spain later in his career, after he'd emigrated there. But then that arguably takes something away from what the World Cup should be about. In one of the rare times that he's opened his mouth to say something sensible, Sepp Blatter pointed out the "farce" of the African team Equatorial Guinea fielding eight players from Brazil, although it didn't do them much good.
(By the way, I was slightly surprised that the lack of a link between where you live and the club you play for goes as far back as the first ever league, but there you go).