Not true. OK, they both have a Champions League honour but how many times has Lambert finished third in the Ballon d'Or, won the UEFA Club Footballer of the year, or the equivalent of the FWA Player of the year in whichever country he was playing at the time?Honours wise he's on a par with many many footballer including Paul Lambert. Would you say Lambert is world class?
Gerrard also featured in the PFA Team of the Year EIGHT times, including a time period when the Premier League was sending teams to the Champions League final with prolific regularity. He even won the goal of the season.
He has definitely been over-rated for large parts of his career, but for a couple of those seasons he has IMO been world class. There isn't a team in the world that wouldn't have made space for him.