From what I remember, they weren't good enough in 1966 either, but Brazil and Pele were kicked to pieces and the homer refs took care of Argentina and Portugal. Then that ridiculous linesman call...
Their best team imo was either 1970 (Brazil were still better), 1974 (when they didn't even qualify), or maybe 1986 when Maradona beat them. Anything with the Roon, or Gerry or Fat Frank in it were overhyped garbage.
I do think they could do it this time though. It's the Euros, not the WC, and the other teams aren't up to much at the moment. They really ought to have beaten Italy at home in the final last time - that was totally on Southgate. On the other hand, they don't travel well. I wouldn't be putting any money on them, but they do have a lot of good players and, Picknose has his good days. You don't need many good days to win this tournament.