Barely. If we consider tOSU, Michigan, PSU, USC, Oregon, and Washington as the power teams, and if you look at the conference schedules of most of the non-power teams over the next 5 seasons, it's pretty close.
Games vs. Power Teams 2024-2028
Iowa: 13
Minny: 13
Nebby: 14
Purdue: 14
Illinois: 14
Wisco: 15
NW: 15
Rutgers: 15
Indiana: 15
Maryland: 15
Over the next 5 seasons and 45 conference games, Iowa has the same number of games vs. power teams as Minney; 1 fewer than Nebby, Purdue, and Illinois; and 2 fewer than Wisco, NW, Rutgers, Indiana, and Maryland.
So you're right, Iowa plays them less, but 1-2 fewer times over 5 seasons isn't all that dramatic. UCLA (18) and Michigan St. (17) obviously have more because they both have a power team as a protected rival, playing them every year.
And calling Wisconsin a "cream puff" is a bit of a stretch.