No, it's much worse than that. Modernists within the Catholic Church were just the preparation for what was to come. Vatican II and Conciliarism were created by deliberate, intentional, and conscious infiltrators bent upon destroying the Church and injecting the principles of Fɾҽҽmαsσɳɾყ into the Church, which they succeeded admirably in doing, and their principles were readily accepted by a clergy that had been prepared by Modernist influence to accept them.
So, there are two basic paradigms for this Crisis, ...
1) that it was just the natural result, over time, of more and more Catholics becoming infected with the error of Modernism, to the point that eventually some Popes were infected with the error, and then taught it officially. In this paradigm, many "Churchmen" were well meaning, but misguided, wrongly believing that by "updating" the Church and making it more relevant, it would be more attractive to those in the world.
2) that the Church was infiltrated and the errors were deliberately injected out of malice into the Church, errors that reflect the evil principles of Fɾҽҽmαsσɳɾყ and Luciferianism.
I believe that the primary impetus for this error having been introduced into the Church was in fact #2. So, the Holy Ghost protects the papacy, and would not prevent natural progressions such as took place in #1 to directly cause a defection of the Magisterium. BUT ... #1 also needed to happen as preparation for the errors to take hold and to be widely accepted. Otherwise, had that not happened, 90%+ of the Church would have just spurned the V2 Antipopes and remained "Traditional Catholics" ... booting them to the side, and very possibly calling a General Council to declare them deposed.
And "Modernism" is really just one smaller aspect of the larger error, the larger error being that of "subjectivism", as I pointed out on a Bishop Williamson thread. He, like very few others, identified and named this root cause error of all the V2 errors. And what is subjectivism, really? It's the replacement of an objective truth outside of oneself with each individual becoming his own measure of truth, i.e. the replacement of God with man, i.e. the spirit of Antichrist as described by St. Paul. It's the old "Do what thou wilt." philosophy that Satan has tricked some useful idiot followers into believing that it leads to their empowerment rather than their enslavement. But they'll find out eventually.
I now determine what my truth is, not God. Just as Satan tricked Eve with "you shall be like gods". Now, the next step with this transgender and transhumanist garbage is that "I can create myself." So I do not accept what God created me to be (male or female), but I will decide and re-create myself according to my own designs.