Not at all imho.
It's a setting so MtG that it can only be done in MtG or perhaps a game derived specifically for the purpose of making MtG into an RPG. That's not true of most MtG settings, which are pretty standard fantasy with the MtG elements almost being an aside or overlay. I get that you probably think it's a "perfect fit" because it has a lot of dungeons (in theory, though I think their resemblance to D&D dungeons is questionable), but dungeons are meaningless without context, and it's a terrible setting for giving context to them - it works best as part of a trans-planar MtG setting, and standing on it's own it doesn't really make sense - that's very unlike other MtG settings again. Plus there's the fact that it's sky-centric. And the Eldrazi stuff also obviously doesn't work with D&D, which is not a game built to support that kind of thing.
I think your problem here, also with Ikoria is you're just looking at how a specific thing could be done, and totally failing to see the whole, where neither setting looks great for D&D, which is a very specific game, not a generic one.