In my opinion, "yes". If a speaker isn't adequately "pressurizing" the listening environment it doesn't sound "convincing". In my experience I've found that there typically is a "sweet spot" volume - much like a sweet spot listening position. To low a volume or too high a volume simply does not strike the same "chord" in me as the "right" volume. And the "right" setting is also a variable depending on many things such as the type of music, particular song, and even the time-of-day/night.
