No I don't think so. Protobelt isn't enough, Morde needs to stick to his target for a while. QSS change seems strong, but his ult has other strong form of counterplay - that is not to die - and I rarely ever seem players bother to buy it against Morde, kiting him is just more efficient. CDR wasn't added to lots of major items, it was added only to
and
, and those items paid a lot for it, I don't think we can even still call Zhonya a major AP item. Yes with protobelt he could get 30% easily, but he loses much up-front damage on it. MR got nerfed, but again, so did AP.
Elder dragon might, and probably will break him, if this beast is as strong as I heard killing it sounds likes free push to base for Morde, but that would be fixed in a patch.
But I don't play lots of Morde, so I might be wrong. But honestly, I don't think so, except for Elder Dragon, but I don't think riot will allow this to stay for long. He might be a little stronger without the dragon, but I think he still will be a champion that 3 players on each server actually do well with.