Much as I despise them, I'm not so sure that would be the case. I seem to remember folks saying the same about the Taliban, and the cartels have a lot more money and high-tech kit, than the Taliban.
Asymmetric warfare is a tough gig, on all sides.
* A conventional military war, on a battlefield: Neither Saddam Hussein's military nor the cartels nor the Taliban would last long against the US.
* An unconventional insurgency: The Iraqis quickly turned to this approach and it worked very well for them, as it did for the Taliban. The Taliban won, and the Iraqi insurgency almost drove the US out of Iraq and was eventually co-opted.
The cartels of course would choose the latter. They, the Taliban, etc. are not suicidal.
I mean, some sort of cartels would bounce back after any "war on drugs" because supply and demand, but the people running them aren't hankering for martyrdom or glory over consolidating their territory and accumulating.
There isn't a real analogy there because cartel leaders have no official state support anywhere, let alone in a bordering nuclear power, but even if they did, it hardly seems reassuring from their perspective to know the drug trade will outlive them after they all get killed. It's different when you're deeply religious and believe what you're doing is worth dying for and the larger arc of history is more important than your own life and wellbeing. I don't think drug lords think that way.
https://ctc.westpoint.edu/a-profile-of-los-zetas-mexicos-sec...
It's the meth.
TL;DR: drug cartels are run like businesses. They are very rational. But, unlike your boss, their boss can also shoot you in the face if you annoy them too much