Considering that it does absolutely nothing to address the fundamentals, yes. Moreover, the focus on peak service leaves no room for picking up on the nuances of off-peak patterns, particularly during evenings and weekends.
Maybe this is too much in the way of facts for this discussion, but that full statement only applies to Lexington Avenue. In Brooklyn, the struggles to retain its crowds while the is practically empty without any notable delays. (This isn't so much about Lexington Avenue being faster as it is an issue of people generally caring about destinations.) To make matters worse, the quoted portion alone doesn't apply anywhere near evenly. That issue is almost exclusive to peak periods, and when we start talking about off-peak, we really get to see what the routes are like. The and Lexington Avenue trains carry decently, but the is even more dead than during peak periods, particularly since the only thing it really has going for it is the ability to allow the to have some chance to get back to the Bronx in anything resembling a timely fashion. Strip it of that and the only trains that will be left are the AM peak-early evening runs. Further souring its prospects are the numbers for the only two stations it exclusively serves, which are below President Street, and both stations have buses nearby to other stations on the route (the M7 is especially bad in this regard).
The whole idea is just a giant 🖕 to Harlem residents trying to travel outside of peak periods, and they'll be more negatively affected than Brooklyn residents could possibly be positively affected (and that's to say nothing of forcing all Nostrand Avenue riders to transfer during peak periods, which I deliberately didn't bother bringing up due to myopia).