Absolutely no, for start Wikidata is a licensing quagmire as far as database rights are concerned.
Community there basically pretends that problem does not exist, making their dataset problematic to use in UK and UE where sui generis database rights exist.
Despite presenting dataset as CC0 and not mentioning this issue.
(they are importing directly and indirectly databases covered by databases rights - which is entirely legal in USA but resulting work is unfree in countries where database rights exist)
Also, not sure about their data quality - but I tried to use part of Wikidata data and it was of really low quality ( User:Mateusz Konieczny/failing testcases - Wikidata ).
Also, editing experience in Wikidata is quite miserable and expecting people to have separate accounts in a separate service to maintain basic data is a terrible idea.
Also, OSM has many objects which would be not allowed to have an object in Wikidata.