Yes it is.
Pascal went backwards compared to Maxwell. Just look at GP104 compared to GM104. GP104 has 25% more shaders and clocks roughly 45% higher, which results in 80% more raw shading performance. However the actual performance improvement in games was only
60-70%.
Of course this is not caused by the performance of individual shaders in GP104 regressing, but rather by the fact that performance never scales linearly due to Amdahl's law (whether it be due to memory bottlenecks, issues with extracting sufficient parallelism or something else).