I think the main point of the article is quite correct: the Saudis are playing a bad hand poorly.
There are a few points that I am not too sure about though. First, the author claims “The Saudi-led blockade of Qatar has been more successful. The effort to tame that country’s assertive regional policies has worked and the crisis has now been put on the back burner of international diplomacy.” However, Qatar is now closer to Iran than ever, and at a time when the Saudis needed to be building a durable anti-Iranian front, they have fractured the GCC. I don’t see this as successful, even if only relative to Riyadh’s other attempts to deal with Iran. In fact, I’m pretty sure Iran sees this as a win.
Second, the author warns that the war in Yemen may turn “the Houthi movement into something akin to Lebanon’s Hezbollah.” Even if this is just be a turn of phrase, the Houthis-Iranian relationship is not comparable to Iran’s alliance with Hezbollah. The social/historical/religious connections are not there, and Iran’s military support for the Houthis has been limited.
Third, and finally, the author describes Saudi Arabia as “keen to reach out to Tehran despite provocative Iranian actions” and that “King Abdullah courted Presidents Akbar Rafsanjani and Mohammad Khatami”. This has not been the case. Riyadh has never been keen to court Iran. In fact, it’s been the other way around. Tehran has been the suitor, and Riyadh has played hard to get. Rafsanjani spent most of the 1990s trying to start a dialogue with Riyadh, only to be rebuffed. Before Rafsanjani’s death earlier this year, both he and Rouhani reached-out to Riyadh, but again with no success. Rightly or wrongly, the Saudis’ strategy for dealing with Tehran has been to try to keep Iran as isolated in the Persian Gulf as possible. Given the regional situation post Arab-Spring, I doubt diplomacy would have worked, but I think the article mischaracterizes this part of their relationship.
A similar article was also published in Foreign Policy entitled, Tehran Is Winning the War for Control of the Middle East (https://foreignpolicy.com/2017/11/21/tehran-is-winning-the-war-for-control-of-the-middle-east-saudi-arabia/) and I expect there will be more in the near future claiming that the the Iranian-Saudi Cold war is swinging Tehran’s way. Some, like the one above, will cast Iran as the aggressor and the Saudis as the victim, albeit a clumsy self-destructive victim. Others will portray the Saudis as the belligerents and Iran as misunderstood. Both narratives have a grain of truth. But both miss the main point: the rivalry in its present form is being driven by the regional instability caused by the Arab Spring. Ideology and incompetence have only made things worse.