Yeah, according to him, and his entirely off-screen A-game.

But, yeah, in 4e, you could literally be a Demigod, not that you'd need to be...
Admittedly it was for a parody, but I did a "5th level Magic-user" Gandalf I was pretty happy with in 1e, 3e & 4e. Specifically:
9th level Fighter/5th level magic user, "character with two classes" (hilariously, every time he drew Glamdring, he got no exp!) and a Staff of the Magi & Ring of Fire Elemental Command - and psionic* enough to destroy a Type VI demon, one-on-one.
5th level half-celestial* wizard, same items.
5th level Deva* Wizard.
* Because, as you know, Gandalf was a quasi-angelic Maiar.
As long as you're a 5th level magic-user, it counts!