Is U/G madness a strong budget deck in Magic Premodern?

I saw some pro gamer playing the old U/G madness deck in Premodern and winning with it. It only costs around $65 to make the deck and he was beating people who were playing multi-thousand dollars combo decks. . His list looks something like this:

4 Wild Mongrel

4 Basking Rootwalla

4 Arrogant Wurm

4 Waterfront Bouncer

4 Wonder

3 Roar of the Wurm

4 Circular Logic

4 Daze

4 Careful Study

4 Frantic Search

21 lands, including 4 Yavimaya Coast.

Sideboard included Tormod's crypt and I think Compost, and an extra Roar of the Wurm. Didn't catch what else he had in his sideboard.

He beat all but the most broken decks, and again, he was beating decks that cost several thousand dollars to build.

Is U/G madness a strong budget deck in Magic Premodern?
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