That's kind of a loaded statement with a lot of complexities to argue on both sides.
If it's true, then we might as well just build monochrome LEDs and give up on multi-spectrum phosphor mixes because the former will always be more efficient.
If it's false, then we have to contend with electro-optical laws that dictate that higher CRI (more spectral gaps to fill) means lower efficiency given current technology.
Also, while not entirely familiar with the details, it's my understanding that an additional reason Cree uses multi color emitters in their high end fixtures is they are dynamically/automatically adjusted for precise color mixing throughout the life of the fixture. My own opinion on this is it's just another widget to break, but also feel it's because Cree isn't currently as yet focused on pushing high CRI because they want to funnel R&D in other directions. So, the multi LED approach is just a stop gap.