I don't think so. Understanding what goes on underneath the hood is really what differentiates decent coders from great engineers. Compare the data structures of Subversion to those of git. Or look at some of the work John Carmack did in video games. That requires depth.
If your goal is to be a carpenter who puts together housing frames, you absolutely don't need depth. You're also interchangeable and get paid union blue collar wages. On the other hand, if you want to be a craftsman who invents new wooden things, you need depth in some direction, be that structural engineering, artistic, or otherwise.
There's a ceiling you hit unless you learn much more of this stuff. The direction is your choice (but new APIs ain't it -- we're talking depth).
