He’s not wrong.
No, he's not. I love the Stones but I've never thought they were a particularly great live band. Keith Richards barely remembers how to play the songs he wrote. Live, the timing always seems to be off. Jagger runs around the stage but he seems to miss the keys. They always sound like they're phoning it in. Except for maybe a half dozen live tracks at most (the greatest being "Midnight Rambler" off "Get Your Ya Ya's Out" I've never really been blown away by any live Stones recordings.
The Who, on the other hand, prior to Moonie's death, was just powerful live. Crushing and thunderous. They should've called it quits when he died though. They haven't really done anything of any significance since then. However, "Live at Leeds" stands track to track as perhaps the best live rock album ever recorded. And the newly remastered video for "Live at Houston '75" is The Who as one of the greatest live acts ever.
Townshend really needs to pull some more stuff from the vault.