Not really. Imagine you are a remote worker earning average tech salary. Would you rather live in a San Francisco slum (all you can afford) or a nice beachfront house in (insert random low-cost country of your preference)?
Cheaper places are almost always cheaper due to lack of economic opportunities. If one needs to or desires to reduce income volatility (and have upward potential), the SF slum would be better.
On top of that, more expensive places might have access to better judicial systems, educational opportunities, and networking opportunities for kids.