While Jokic was incredible this season, his health and consistency had to be the edge that put him over Embiid. Two great Centers that set the tone for their teams and their play style.
I agree with you that both the Denver and 76ers squad would be playoff teams with their best players, whereas the Bucks would be a lottery team without Giannis. (The same goes to Dame/Blazers who was in the Top 3 MVP race for awhile.)