In many, but not all, cases. That's what I meant by "more interesting work." It's certainly the case that the jobs I've held would not have been open to someone with a lesser degree. However, you do run the risk of being overqualified for some jobs, where they would rather hire someone who is less-credentialed (presumably so they can pay them less).
There are also concerns in business over hiring types who are "too academic-oriented." The model of getting a product to production is often incompatible with the curiosity of discovery. But it all depends on the circumstances of the jobs.