I don't see a correlation, other than for discussion.
Hypothetical comparisons of income streams derived from pensions and SS, to their net worth value makes no sense, because pension and SS recipients can't access a lump sum.
If you're talking about only income, yes.
Note that obg is more like the friend in your example, in reverse, since he/she has--apparently--both significant pension income and significant investable assets. So reducing his/her networth to just investable assets is a little ludicrous, if the point is to compare to someone with only the same level of investments but no pension. Or half the SS income, for that matter. If not, then we're arguing semantics. So then "total assets" might be a better term than net worth, if one insists on ignoring pension and social security in net worth. That makes net worth a largely useless figure, I think, unless one only has investable assets.