Yes - and there is also a second order effect where latecomers to a well known strategy must focus on marketing and cost reduction to compensate for lower alpha

Yes - and there is also a second order effect where latecomers to a well known strategy must focus on marketing and cost reduction to compensate for lower alpha, so each dollar flowing into the strategy is more likely to go to a less innovative, follow+on implementation (such as algorithms packages offered by big banks).