I mean, in the event that there is an Ottoman player or a Muscovite player pretty much anything bordering them is no longer top, yes. That's not because the Timurids aren't good, it is because the Ottomans and Muscovy are much better. But by the same logic, Portugal is even worse and you still can't justify putting Portugal above the Mamluks - Portugal is not surviving long if there is a Castile player who is truly competitive. They have less survival potential than the Timurids, certainly, given Ottomans have to chew their way through Qara at the very least, whereas as a competitive Castile literally the first thing I would do is DoW Portugal to get rid of a colonial competitor and get some same-culture group provinces. I mean, I did it as Aragon, right, who are a much worse nation than Castile (sorry Valhelm).
I'd also favour a good Timurids player againt a good Mamluks player. Having even a two tech advantage probably does not make up for the fact the Timurids start with around just under double the manpower and force limits. I must have reformed QQ in patch 1.8; I'm almost certain the requirement was 90 when I did it.
EDIT: You're not even burning that much MIL. I just checked their start - you have 5 provinces with 1.1 revolt risk at start. That's it.