Assuming that Falco can escape the CG, his first objective after he spotdodges is probably getting the hell out of there. That means it's not likely that you'll get in another grab.
The main problem here is that Falco is probably the hardest character to grab. There is no good ground approach against him, so you can't really try a ground attack until after you hit him with an aerial. Even then, Falco has lots of tools to avoid you (reflector, high jump) and if you get close, he can start running a vertical game rather than a horizontal game.
If you're playing a non-campy Falco that doesn't know how to escape the CG, then yes, it will be in your favor. At a higher level of play, though, Falco will do whatever he can to win, and if that means keeping you at bay with lasers and the reflector until he can land a kill move, that's what he will do. The problem there, of course, lies in the fact that Yoshi has no way around this strategy. Falco's versatility in just a few moves is what helps him dominate here.