As far as pure photosynthetic productivity goes, no you're wrong.. An HPS will provide more photons, and the average photon will also have a higher absorption efficiency.. So more photosynthetic reactions will happen under an HPS, thus more energy to build plant material is converted..
When photons with higher than required energy to reduce chlorophylls strikes a leaf, the chorophyll will absorb only the needed energy to undergo its reaction, and the rest will be re-emmited from the molecule as a lower energy photon (a process called fluorescence).. Chlorophyll is designed to reabsorb anything it can, but these new photons will often be too low in energy to be useful to chlorophyll, and will be absorbed as heat etc..
So production wise its definately best to spend your energy creating more photons that have just enough energy to get the job done..
That being said, there are definately further complexities regarding 'how' a plant grows under different lights, and I'm a huge proponent of MH in the flowering chamber.. I started with a single HPS, then came across a really good deal on some MH's, so I tossed them in and expanded my area.. That crop was great.. My next crop I had enough HPS, so the MH came out, and I was using all Hortilux Enhanced bulbs..
The yield was definately better, but I had also learned quite a bit about training.. But the quality was lower.. Flavors didn't pop as much and the crystals weren't as dense..
Both crops were the same genetics, the same hydro system/nutes, and both went very smoothly and healthily..
Pegging the light as the only variable, the next crop I went back to the MH with the $17 GE bulb with the HPS like before, and was treated to the same quality as the first.. Buds closer to MH than HPS tend to be slightly less dense, but more enjoyable..