Exactly. However neither aircraft was probably visible to the other once they were on final. One behind, one below the nose.
If either or both aircraft had adsb in and out a quick glance at a screen would have alerted them to the proximity. We cannot rely on adsb, systems can fail, it is just a very good tool to have.
Should we not look at the wind sock while in the circuit, it is after all another distraction from keeping a good look out. We can most often get the wind from AWIS before making the 10 mile call. Also helps to plan entry to the circuit.