Not necessarily. Look at the power graphs for hp and torque on any engine be it a Japanese sport bike or a Detroit Diesel and you will find that hp continues to build and then peaks very close to the max rpm for that engine, while torque peaks much lower and then trends downward as rpm's climb. And if the engine spins that high, the two lines will cross giving equal values at 5450rpm.

Going to higher rpm's allows higher hp peaks as well as higher torque values although both curves end up shifted a little bit to the right. My 2001 7.3 Liter psd has been modified with a 4" stainless exhaust, straight through muffler, electric fan clutch, gauges and a +60 hp chip. Although it will pull anything anywhere at 1600 rpm or better, it is much happier at 2200 rpm. I tend to do a lot of back road driving with a 4200 pound camper in the back. By downshifting to keep my rpm between 2200 and 2500, I can also keep my exhaust gas temperatures below 600 degrees and my boost pressure below 8 psi on all but the steepest of hills. This driving style also yields my best possible mpg fitures. So even though my truck now puts out around 350 hp and 700 ftlb of torque (estimated), I still drive like my grandmother and save all that power for when I really need it