Overvalued by who exactly? By how much? This is crap. You simply failed to show who is over valuing this parameter, or indeed that anyone has.
Overvalued by the people who provide preseason rankings. Possibly overvalued by "most" fans as well.
We've had discussions ad nauseum for decades on this board (JFC we're old), and I will say definitively that I've heard people talk about how a team will be good because they're returning QB X who did well last year or how they were concerned about how their team would do because they were starting QB Y who despite having been in the program for 2 years (or whatever) have never been a starter.
As I'm sure you know, there are many common myths that end up being proven to be wrong when you look at the data, but are still believed by a large number of people.
"Conventional wisdom" is that QB is one of the most critical pieces of a football team, and returning an experienced starter should give that team a bump the next year. What OAM is saying is that a lot of people give too much weight to that factor, and when they either rank a team in preseason or they're just thinking about their team's prospects as a fan, it is too highly considered.
You've said you don't do that. I believe you. That may make you an outlier, though.
I also don't particularly do that. I don't even worry as much about the skill players. I believe that football is won and lost in the trenches, so I'd rather have an experienced OL and a first-year starter at QB than an experienced QB who is running for his life on every passing down because he's gotten hit on every 3rd snap.
But I recognize I'm an outlier, and tend to agree with OAM that it's an overvalued factor "by most".