Or is this our level?
Sure, the championship is our level. But the bottom half of the top flight is our level too. And we're one of probably dozens of clubs you could say the same thing about, including a few that are currently and probably temporarily doing a bit better or a bit worse than that level.
E.g., are Brighton, Fulham and Brentford playing at their level? Not really. They're going through the good times and playing above where you'd probably expect them to. Good for them! Sooner or later it'll be our turn again.