No. While setting a high block size will certainly speed up dd's transfer rate, doing this will not ensure that the device you are writing to initializes properly. For example, setting a high block size for optical media such as a CD-ROM or a DVD-ROM can lead to unreadable disks when played back on a disk player.
A good rule of thumb is to use high block sizes only when dumping from media such as discs and flash drives. Further, it is also good practice to set the maximum block size to 2048 kilobytes only. Doing this makes sure that you can still place back the content of a disc to a CD or DVD.