Yes. Hydrogen as energy storage has more “steps” than other methodologies and changes in the form of potential energy. Basically every conversion that happens has an efficiency cost. So in theory, less conversions will generally beat more conversions.

Most cases we want electricity, so if we can just manipulate electrons as much as possible and stay away from chemical reactions, the better off the system will be.

This is why super/ultra capacitors are still in the race for solving the storage problems. They have even less conversions than batteries when working with electricity.

You can see how hard it is to make hydrogen by simply sticking two DC electrical sources in some water and split it into hydrogen and oxygen. Takes a lot of current and a lot of time. Hydrogen has a lot of energy potential, but takes a lot of energy to isolate it.