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A person on the assembly line can "contribute to financial targets" taking a shortcut, reducing their local spend, but which emerges as a much more expensive problem down the road.
So it's true that every employee should do their part to contribute to financial targets, but defining "their part" is the hard part, something only management can do, and that MBO obscures and tries to make as simple as waterfalling the goal from above.
The inevitable result of this is however the devaluation of the future. Eg if the statement was true, it'd be the R&D workers responsibility to hand in their resignation ( or their managers layoffs) if their product won't get paying customers within the same fiscal year... And the same applies to any other long term expenditure/investment that company might be considering. E g building a new fab/production line etc pp
So no, that statement of yours is not actually true. It should not be entirely ignored, but it should not become a leading cause unless you want to run the company in the ground.
It might not apply to R&D-heavy companies, but we do see engineering companies pivoting into more finance-oriented management. Boeing is one such case and look at the damage.