Maybe, but winning the US Open is going to be a tall order I think. Novak, despite the loss to Medvedev, is in good form. Medvedev is also a legit threat as long as he keeps his head together and doesn't let the pressure get to him. Rafa cannot be totally written off either. Plus anyone can get hot over the course of the 2 weeks and for one match, could knock him off. its harder in a best of 5 but honestly you really never know whats going to happen anymore.
I think Federer has reached the point where winning big events is nice, but its not going to crush his soul if he doesn't. He has a beautiful family, clearly is happy, and whatever happens happens. Its kind of like near the end of Davenport's playing career, when she was out there largely for the joy of playing and winning was an amazing added bonus. Federer really doesn't have anything to prove to anyone at this point, so he is just there for the fans and his own personal enjoyment.