Not at all, the Commission and the Council together can do a lot but it's important to understand both are collective bodies formed by governments of member states and can only act in some limited areas (defined very exactly by the various treaties). But then most of the important decisions have to be approved either by the directly elected Parliament or by all national parliaments (like some international agreements). And that's for legislation that doesn't have to be transposed into national law (can be applied directly), but most of the legislation has to be transposed and the member states have some leeway there.