No, I mean that the collapsing trachea may have little or nothing to do with the current symptoms you are seeing. Like, if on an x-ray she has a collapsing trachea then she has a collapsing trachea - but her clinical signs don't seem to quite match so maybe that isn't primarily the source of the problem even though it's there.
When there's that noisy breathing it makes me think of something obstructive in the upper airway/throat - laryngeal paralysis, elongated soft palate, polyps, stuff like that.
The anatomy of a dog's trachea is a little different than ours. Our tracheas have cartilage rings that are a complete O shape. Dogs' have a C shape, with the open part being a muscular membrane. Most commonly with a collapsing trachea, what happens is that the muscle is flabby enough that breathing IN causes a vacuum that sucks it down, narrowing the trachea and then they have to cough to try to "blow" it back open again. But, although I've never seen this myself I've also heard reports that there are some dogs where the muscle rather than getting sucked down acutely, just sort of hangs down all the time and narrows the airway. So it's not impossible for it to be causing the noisy breathing, it just seems... a little "off" to me as the entire explanation.
I think to say for sure that there ISN'T some upper airway disease contributing, you'd have to do some upper airway imaging. That can be as simple as sedation and a good visual physical exam of the pharynx which is almost impossible to thoroughly examine in an awake dog. It's something to at least ask about just for the sake of completeness. Everything may come back as "yup, it really is collapsing trachea" but at least you would know for sure. (And again, take this internet advice for your dog I've never laid hands on for what it is worth, which is not as good as what your vet who knows her and has seen and examined her is. Just speculating because I want so badly for this to be fixed for you.)