I think there are multiple possible situations. If these outcomes are measurable, then you should bring up the issue, because you can defend your opinion. If there isn't any data that unambiguously supports your judgement, then I suggest avoiding the conflict that is likely to occur if you argue with your boss based purely off feelings and opinions.

You can still bring up your frustrations without directly saying that you feel smarter. Think of some neutral/positive way of framing it, like "I wish I could take more initiative".