No, or not necessarily. The so-called multi-application diamond blade exists to meet a clear need in the market to provide safe, efficient cutting of a wide range of products, without constantly needing to change the blade.
Multi-blades are available at both the hard end and the abrasive end of the spectrum and users should match their blade selection with the material they cut most often. However, high cutting speeds and blade longevity are achieved by using the correct blade for the application.