Well no not really, sIII's did not have augmentations anywhere NEAR the level of an SII considering the fact that ONI wanted cheaper armor AND augmentations. The fact that that the death rate in SII's due to augmentations compared to the SIII's is considerably higher because of the shear power of there augmentations proves this. Also SII training was started at a younger age and was way tougher than SIII training needs also to be considered into this fight. Another thing, Master Chief was able to fight off WAVE after WAVE of forces in high charity without being phased, Noble 6 could barely fight off average Covi ground forces. So with these facts in mind I still must give this fight to Master Chief.
Spartan-III augmentations were very similar to Spartan-II's. The death rate of the II's means nothing, especially considering that the S-III program was launched after, meaning lessons were learned (and even experimentation was thrown in, if Gamma Company is something to go by).
S-III candidates are mostly orphaned teenagers who volunteered to partake in the program. Their training is also similar to the II's, they just didn't have as much time. While the phrase "Trading lives for time" is used often to describe S-IIIs, calling them fodder is an underappreciation and underestimation of what they're truly capable of. S-IIIs are no joke. And the only reason most S-IIIs were given SPI armor in contrary to MJOLNIR is because the latter costs as much as a Destroyer. Instead of building a dedicated warship, it's used to build an advanced suit of armor. A S-III in MJOLNIR will get the same job done as a S-II would.
Another thing is that Six was called a "Personal Grim Reaper" for a reason. He made entire militia groups disappear. When he made his last stand in Reach, he fought for 8 hours non-stop against hordes of Sangheili troops, especially high-ranked. The reason he lost was due to fatigue.