No. But it makes good headlines and sells whatever "security expert of the day" happens to be peddling.
On most of the web, a good secure 8 random character password that you don't reuse on other sites is about a few orders of magnitude too secure for hackers to even bother thinking about cracking. The "account hacks" are usually about people managing to steal a list of user names and passwords from some shitty forum that has old version of BBS software, and then trying those combinations of user names and passwords on other sites. Pretty much all brute force methods require direct access to database that is badly encrypted (perhaps behind a weak password that they intend to crack?).
Other then these scenarios, vast majority of "your password is too short and as a result not secure" is scaremongering bullshit.
Full disclosure: I have several battle.net accounts, a LoL account and countless other similar game accounts that are very much wanted in hack and sell world, all under the same email. I get absolutely hammered by "your account is being closed for hacking, click here to fix" phishing emails and other similar bullshit on that email address. My WoW account was very valuable for a couple of years (very good server, easily within top 0.1% of people in terms of wealth and in top 1% in terms of rare items and progression, legendary and so on). Didn't get hacked a single time. Several guildies and countless people I know had their accounts hacked during this time, some more then once. I used, and still use a short UNIQUE password for each account. Not a single account breach.
Why? Because no one sane brute forces remote passwords when doing actual hacking for profit. It's bloody stupid to even bother trying. There are far more profitable and easier methods, that actually work.