Yes, but also no. There are a bunch of other factors that contribute to a windows performance; manufacturer, type of gas used in the cavity, spacer material conductivity, thermal bridge free frame design, low e coatings and solar reflectance, and the quality of the installation matters most. Then there’s the windows efficiency relative to the rest of the assembly. If it’s a building code basic 2x4 wall from 1970 then you’re absolutely right, it would be overkill putting some triple pane krypton filled window in. But if you’ve got a foot of exterior insulation and are pushing a u value of 0.13 on your wall assembly then you need windows to match.
Source: certified Passive House designer, the most demanding energy standard for buildings available, that originated in … yup you guessed it, Germany.