Maybe in a clean, smaller codebase with minimal dependencies.
But the textual inclusion means that including one header can suddenly break previously compiling code. Unless that header is completely inclusive, that can mean a while of chasing down transitive headers till you find the problematic one.
Headers are literal copy paste, and are entirely different. Anyone who has ever had to define WIN32_LEAN_AND_MEAN knows that there's _way_ more going on here.