From my experience, the answer is yes, when you are talking about typical dynamic speakers, but, horn systems and other high efficiency systems also sound very good at lower volumes.
Another low volume phenomenon that is a big advantage of dipoles is that sound is concentrated in the listening area between the speakers and is much more attenuated to the sides. This is because the front and back wave are out of phase and they cancel where they interact at the side of the speaker. So, at any given subjective volume level in the listening area, there is less annoying bleeding of sound to other areas of the house. I was surprised how substantial is this effect, when I switched from Martin Logan electrostatics to a horn-based system.
Another low volume phenomenon that is a big advantage of dipoles is that sound is concentrated in the listening area between the speakers and is much more attenuated to the sides. This is because the front and back wave are out of phase and they cancel where they interact at the side of the speaker. So, at any given subjective volume level in the listening area, there is less annoying bleeding of sound to other areas of the house. I was surprised how substantial is this effect, when I switched from Martin Logan electrostatics to a horn-based system.