Yes, but even worse it will be a local optima of the efficiency function you've chosen and people often choose very poor efficiency functions that ignore second order and higher effects.

I tend to frame this in terms of the Multi-Armed Bandit Problem. It's a trade-off between exploration vs exploitation. It's often impossible to predict beforehand which strategy is optimal for a given environment. Which, I suspect, is why progressive temperments and conservative temperments coexist.