Technically yes, but whenever they won it, it was called the First Division - they won it during the First Division's final season as the top-flight in English football in 1991-92 (it became the second league in 1992), and under Don Revie in 1968-69 and 1973-74.
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Leeds United have won more trophies in their history than Sheffield Wednesday. They are currently in the Championship, one league above Wednesday, and were also more recently in the top flight. They have also won a European trophy, and participated fairly recently in the Champions League. There is no doubt Leeds United are better than Sheffield Wednesday in terms of pure statistics.
Statistically, Liverpool are better, because they have won the First Division league title 18 times, while Leeds have won on only 3 occasions.