At shitty companies, yes. Look around, companies exist where good work is rewarded. A shitty manager will not notice whether you slack off or finish something diligently. Good managers do notice and reward, when the company is not a shithole.
No doubt they do, but for an idea like "hard work is usually worthwhile" to have any merit, these companies would need to be the norm, and not the subject of "they do exist, they're out there I swear!".