In general, yes. To play devil's advocate though, accuracy/controllability is not really needed if your goal is just to spray as much lead as possible into a densely crowded area from, say, a hotel room above.
Such domestic terrorist events are extremely rare, but I would guess in these specific cases where the goal is to spray as many bullets per second as possible into a crowd, full auto + large magazine is going to kill more people than semi auto.
With a large magazine it would be a different story though, you are right about that. This is why I think that it's good to have fully auto by design weapons be illegal (think the SAW, or the M240), along with magazines above 30 rounds.