Yep. Just doing the math where you're favored in every game, meaning individually you're expected to win that one game, like in the 60-80% range.
Combining all those expectations means you're about 30% likely to go undefeated.
Then, remember that this is a game played by 18-23 (or so) year old men where the ball is pointy and bounces funny. The VY led MNC season featured a pass clanging off the hands of a tOSU fullback (or TE) and flying into the air incomplete. If that gets caught, Texas loses. Last Saturday's game featured several funny bounce fumbles that would have ended the Texas comeback. Those are just ones I immediately recall.