Depends who you ask. Literally, yes, it is extremely highly processed: separating wheat grains from the seed pod, then turning them into a fine powder, then combining with water, yeast, and oil (which is itself a processed food, mechanically processing some seeds) then fermenting it, adding salt, adding other processed ingredients on top (mechanically processed tomatoes, cheese obtained by fermenting milk, often cured meats etc), finally baking the whole thing.

This is one of the problems of this idea of processed foods - many things which don't actually seem to be a significant problem are in fact highly processed, we just don't tend to think of them like that.