In some sense, yes, and in some sense, no. The latter part of your reasoning is true provided you are not fully utilizing the amount of energing that your bow is generating. Utilizing as much energy as possible falls into two areas. One, and most importantly, using an arrow of the appropriate weight and spine for your setup. Generally speaking a heavier arrow will absorb more of the energy that your bow is generating. Since the arrow absorbs less energy then there is less excess energy being dumped onto your bow components (limbs, string, riser, etc...).

Second, your bow has to be tuned appropriately. If your arrows are not coming out of the bow correctly then you are, again, wasting potential energy and delivering it into the bow components thus increasing wear and tear on your setup.

Give the rationale provided, we should all be shooting lighter draw weight bows so that they last longer. In many cases this is neither necessary nor practical. Bows today are designed to withstand quite a bit of usage. Do your part with choosing the proper arrows and having your bow tuned correctly and you will not have any problems because of the draw weight that you are shooting......(ofcourse, assuming the draw weight is comfortable for you to shoot, physically, in the first place.