THAT IS CIRCULAR REASONING! THAT DOES NOT PROVE YOUR POINT AT ALL!
No, they were a greater threat based on HOW THE BORG REACTED. They just didn't bother going into their extended history, they didn't HAVE to. What matters is that the Borg took a heavier response to them than they EVER did with the Feds, which is Proof IN AND OF ITSELF that they were a greater threat. No further elaboration is needed.
You are dancing around the issue. If you thought you had a sure way to end a threat to your civilization once and for all, would you not use it? If the Federation was capable of provoking the Borg into sending a fleet of cubes, the Borg would have done so already. Wouldn't Janeway's actions against the Borg merit a fleet? If not, why not? You cannot get around the fact that Picard was obligated by his oath to Starfleet to protect the Federation and HE FAILED TO DO THAT! This makes Picard a coward and an accomplice to genocide to all rational human beings.