can stock picking be safer than the S&P, during its higher P/E periods?

The historical (1971 – 2017) average P/E ratio of the S&P is 19.4.

Regarding the last 5 years, its average is 20.47
and the current number is 29.137.

Without debating its current valuation, would you argue picking specific stocks, for short to mid term holding, as a somewhat “safer” play when this ratio is higher than average?

And if so, what makes certain picks risk-compensating to you?

*My premise is, that on average multipliers, the answer is no. (though you are welcome to challenge that assumption).