Sort of..
It was more like Chrono Trigger led to Chrono Trigger 2 which very quickly morphed into Xenogears and Square top brass cutting the game content short and telling the team they couldn't make their planned prequels/sequels led to a lot of the CT/XG team splitting off and forming Monolith.
The FF connection really only being that the story Takahashi, Saga, and Kato devised was initially a pitch for a potential FF7, which Square didn't like because it was too dark and too scifi so they said to make it a sequel to Chrono Trigger instead, and when opinions between top brass and Sakaguchi/Takahashi over what a "Chrono Trigger 2" should be fell apart, they quickly reworked it into a standalone and then Square went and made Chrono Cross without a lot of the original team, while Takahashi et al prepared to split off into their own company.
But in spirit, yeah that all still belongs on the right imo.
Sorry, that was a shorter rant in my head.