Not necessarily especially if one is from a low SES, they can go to Harvard and similar highly selective colleges for little or no EFC.
Also, one needs to factor in “fit”, just because some colleges will give you lots of merit/scholarships doesn’t necessarily mean it’s a good deal if the quality of education is not the same.
To the OP, apply to Harvard if you want to and it’s affordable, but make sure to have a good mix of match and safety colleges on your list. Good luck to you!