Yes, the World Cup is a bigger deal than the Olympics, because even though it is not followed in the United States, it is the biggest sports competition to the rest of the world. The World Cup is important because it allows all nations a chance to come together. The Olympics is exclusive, in that you have to qualify to even be in them.
The rules of the Olympics are vast and specific, a lot of things the competitors do to achieve milliseconds of precision are lost to the average spectator. Whereas in soccer, the rules can be easily explained to just about everyone, allowing more people to understand what's going on and cheer much more easily, making it a bigger deal for more people than in the Olympics.
I do not believe that the world cup is a bigger deal than the amazing Olympics. In the Olympics you have many different countries that try to compete with each other in different sports including soccer. Also it give every country an opportunity to join in this great world event.
The world cup is only between a selection of countries which qualify, and only uses football as a sport. On the other hand, the Olympics are between many more countries and have many more sports. Therefore more people are likely to view / participate - there are more sports to be viewed than just football, which is disliked by some.