I really think this "timing" argument is rather weak. Granted, some people may have been blinded by the graphics or impressed by the freshness of some things that were copied often afterwards. But what makes OoT so great is its well executed level design, excellent pacing (I'd say: Best pacing in the 3D series, and most likely best in the whole AA and RPG genre), the right size for the world to make it worthy of exploring yet not tedious to travel (as opposed to modern open world games...) and the spot-on mechanics. Even the dual world aspect is really well executed with the right balance of familiar and fresh / exciting between the two worlds. Going away from what is really important (Gameplay) to secondary aspects, the atmosphere, music and, yes, visuals, are well composed and efficiently transported.
OoT is a masterpiece that definitely can stand on its own independent of the timing of playing it. Whether you consider it the best of all time, that of course is highly subjective, and as I already said, I personally like three other 3D Zeldas more (Definitely not Wind Waker though, that one is the black sheep of the 3D Zeldas. Looks great, has garbage pacing with a boring, empty and vast overworld and too simple dungeon design though).