Yes, which is why GB is the worst of the "big" teams to allow such a performance (1996) to happen. Wouldn't happen to Russia, USA, China etc. and the trend can easily go on a downwards spiral again because everything is based on funding and target performances as the base for funding for the next Olympic cycle. If for example rowing remains in the state it is now in Tokyo, I don't think it's going to be a good sign. For a flagship sport no less. Then again, GB has the tendency of not taking (certain) world championships very seriously, which is annoying me.
Also for wrestling, GB had some kind of history in Freestyle at least but as with many sports (Water Polo comes to mind), they let interest slip a bit ages ago. It's not just wrestling, GB is also non-existent in Volleyball, Handball, to an extend Basketball and Water Polo. So, team sports. There's just no interest in certain sports.. at all. Italy on the other hand is at least present everywhere and can surprise on a good day. I can't think of a sport where Italy has no interest in. Perhaps Table Tennis and Badminton are Italy's worst (Olympic) sports.