Yes, but the problem is highly exaggerated and Counter Strike has multiple mechanisms for isolating or preventing cheaters, even outside of "traditional" anti-cheat tooling.

I play at moderately high elo in Counter Strike (Faceit Level 10, 25k Premier) in a lesser populated region and even Valve matchmaking is mostly fine. I have a multi-thousand dollar inventory, old Steam account and over 7,000 hours in Counter Strike, all of these things (likely) impact my trust factor.

Trust Factor doesn't detect cheaters, but it sure does expose me to way way less cheaters. It's pretty uncommon to see an obvious cheater in CS2, the number of closet cheaters likely increased. In CS:GO rage cheaters were more common, but they are (for the most part) detected a little bit better now.