Not really. I used to use an eviolite set back in the day, and it could tank priority attacks while setting up swords dance. It wasn't KO'ed by most attacks (I need a calc on sucker murkrow on evio drilbur) but it could set up swords dance quite easily without sacrificing power.
Now, Drilbur can function even better outside of sand because of mold breaker. Bronzor, once thought of as a hard counter to drilbur, now loses to it. The same thing goes for Koffing. Misdreavus is no longer safe, as it will be 2HKOed by earthquake (non eviolite). Lileep is 2HKOed by a CB x-scissor, drilbur's strongest attack against it. Murkrow can out stall with feather dance, but no one really uses the move anymore.
There is no doubt drilbur is powerful. With 19 attack and up to 17 speed, it functions as an offensive beast. Doubling speed in sand easily allows it to hit 30 or 32. Its movepool might not be great, but it gets the job done. Earthquake and Rock Slide are nasty together, and X-Scissor and Shadow Claw are pretty solid coverage moves. Stealth Rock and Rapid Spin are not bad either, now giving Drilbur a support role on teams - not limiting it to offense.
This being said, it's not invincible and it's not perfect - not in the least. As Nanoswine said, it does have checks, and without proper support, it can't sweep effectively. CB Drilbur is rare, and without it, it falls short of outright 2HKOing Lileep (2HKO with stealth rock). In addition, Porygon fares well with ice beam and choice scarf would beat it, but wouldn't be able to recover health.
I'm watching football but long story short drilbur ain't broken. I have A LOT of time with this Pokemon and I know it's not broken.