4 MB of RAM? Yes. Developing solely on Atari computers? Maybe but makes sense when some ST models had the Blitter processor. Easier to port ST titles to Jaguar? Maybe. The library of games might have helped. But I remember ready Jaguar game reviews in magazines and every one of them praised the system but did not understand why it was getting ports of tired computer games. So, unless those games were missed by the public, porting ST games may or may not have boosted Jaguar.
Here is what I would have done. Developed a more user friendly development package. One that is not so difficult to learn. Sign up more third-party developers. The likes of EA, Midway, and Activision would have been great.
But, there are a few factors to weigh about Jaguar's downfall. Lack of third-party support, poor marketing strategies, and hard to understand development tools. But I believe the biggest factor was timing. Consider all the consoles at the time Jaguar came out. Sega had Genesis with a new CD add-on, Nintendo was busy with their new Super NES, NEC was toying around with their TG-16, SNK with NEO*GEO. A lot of consoles to go up against. Most of these consoles dealt only with 2D gaming.
On the computer side, very little hardware was needed to play games like Doom. You really did not need fancy graphic cards as the graphics were generated by software for the most part. Jaguar was equipped with hardware 3D support, the first of its kind, placing it as the first console to do so. However, 3D gaming on the scale that Jaguar was capable of was a new concept. That jump had not been made prior on any console. Or modern computers for that matter. Jaguar was simply way ahead for its time but should be considered the console that started 3D gaming on a console.