Yes, mostly.
There's some music that can get away with hokey lyrics - usually I don't expect much of the genre to begin with so if a song like, say, Country, has lyrics about dead dogs and ex-wives, I don't think much of it. Or if a Punk bands writes 4 word lyrics repeated the length of the entire song, I don't think much or expect much either.
Then there's the deeply moving music. If the lyrics are shallow, then I lose all respect/hope for the band. Dream Theater is the perfect example of this - very complex music, intricate rhythms and then melodramatic tripe passed off for lyrics.
In that same genre, you have Symphony X - lots of time signature changes, complex instrumental portions of songs and lyrics that are equally engaging.
Two of my favorite lyricists though are Neil Peart (Rush) and Don Henley. Their lyrics are always a perfect fit with their music and create images without the need for music.