For one thing, Panarin very rarely ever starts in the d-zone. His 3 year numbers are 23%, 18%, and 35%. He's always had a leg up, if you buy into zone starts.
Second, he's 26. When Ovie was 26 he was being bogged down by crappy and/or defensive coaches for a few years, and STILL scored as much or more than Panarin has.
In fact, Ovechkin's worst goalscoring year--32 goals--is better than Panarin's best. And Ovie did it in 48 games, under Adam Oates.
And consider this...if Ovechkin is on the team to score and nobody can stop him why should he change what he's doing? Maybe he appears to be limited as a playmaker or dangler these days because he really hasn't had to diversify his approach all that much. How far would Kareem Abdul Jabbar have gotten in his career if he'd listened to people telling him "hey, all you do is sky-hook, why don't you take the high post and drive the lane more, or shoot 3s?"
Even so, Ovie in his early 20s was a dynamo who was capable of anything Panarin can do, and he did it at top speed WHILE knocking you on your ass. I think this fact is lost on people who only see him as a PP turret and who, due to recency or other biases, only recall certain limited aspects of his career.
So yes, Ovechkin is better than some 3rd year guy who we beat in the first round. He was at 26 and he is now, even if he doesn't display the same motor or have the same role.