Not really.... It takes a lot more to accurize a semiauto, wheelguns tend to be much more accurate right out of the box. Its the whole magazine capacity issue that limits their use in competion. Colt and S&W .38 specials used to be the preferred bullseye pistols at one time, The only thing they give up to a highly tuned and fitted semiauto is the lack of fast reloads during rapid fire stages of bullseye matches.
Actually a good semi-auto will have it over a wheelgun in most cases out of the box... This is because each chamber in the revolver needs to exactly align itself with the barrel to ensure accuracy. Whereas semi-autos don't have this problem. That is why you will seldolm see a revolver in any type of target pistol competition, even slow fire. I would say that easily the 1911 is used by the majority in slow fire bullseye type competittions.