Simplistically yes. I am not an engineer there so I don't know for sure, but my experience says its a bit more complicated since you can have a more complex bid that might be bidding CPM but uses LTV or CPA or some other metric (ie for us we are happy to pay $50 CPM to reach certain voter who donate to campaigns). Increasing impression load might work short term (or maybe even might work in majority of cases so my point might be moot) - until the end metric that ad buyers care about takes a hit (which in itself is a balance of quality/cost so again, it's complicated).
I mean it's harder to measure for brand advertising, but we track very closely lifetime value and persuasion through surveys, so the bid method doesn't matter as much to us - and FB is probably the best IMHO at letting us bring in whatever value data we want and optimizing for that.
Maximizing user's time by decreasing efficiency with dark patterns seems to be the name of the game.