I think yes. Too much is still better in this case. Even if you didn't apply it in one continuous blob in the middle (which prevents this entirely), think for a second: What is a dry spot? It's a big air pocket. It's better to have compound with air pockets than no compound at all.
Again, it comes down to the PC building community inventing these myths that no other industry who uses thermal compound has. I have no idea where it came from, but it's super silly.
Edit: Since it came to mind. I've worked with devices with such massive and fast heat ramps that it required special thermal potting compounds that had to be sealed under vacuum. The columns of air bubbles that could form, even at sub-mm thicknesses, could cause large gradients across the surfaces and warp them. CPUs and GPUs don't get that hot, aren't large enough to have that problem, and don't dynamically ramp up and down as quick. If you whipped air with a stand mixer into the thermal compound and used it, as long as you used enough to overflow, you'd still get better thermal performance than if you dry mounted a cooler.