That's an ultra-qualified "yes". Hardware isn't magic. Once you've got a Turing-complete device, software can cover the rest. However, HW implementations of functionality are 'better' than software in the sense of being
either faster
or more power-efficient. (Or some trade-off.) Our chips are
better because we can throw more customized hardware to side-step (slow; power-hungry) software implementations. We have access to more customized HW because we have more transistors.
If you're asking long-run questions in terms of HW/SW stack performance, I strongly suspect we've got another 3-10 doublings with "just more HW". If any of the post-patterning mechanisms pan out we could, theoretically, get another 15-20 doublings by going all the way down to atoms. After that ... I dunno; sort of the realm of scifi at that point.