YES. When we used parkhoppers prior to the 2pm limit, we were typically arriving at Park 1* at rope drop and hopping elsewhere by 11am, often with a lunch reservation waiting in Park 2. We'd leave Park 2 after a couple of hours, go back to the hotel for a break, and head out to Park 3 for dinner and the rest of the evening. (*Granted, Park 1 was often a "morning EMH" park, back in the days when that amenity was offered, and Park 3 was often the "evening EMH" park. Now that the morning "perk" is 30 minutes at every park for onsite guests, and evening extra hours are only for deluxes and only for 2 of the parks, there's very little touring advantage to be had by hopping, period, and thus, less need for parkhopper tickets at all.)
Last time we went, the 2pm limit was in place, and we tried to use parkhoppers anyway. It was a giant pain in the rear end. We were nearly always done with our first park long before that time, and were left twiddling our thumbs back at the hotel for a couple extra hours every day. I think parkhoppers are pretty much a waste of money now. If I was planning a WDW trip for my family of 4 at present (which I'm not), I'd stick to standard, 1-park-per-day tickets: coincidentally, the money I'd save would be sufficient to pay for the renewal of my Universal 2-park annual pass, with no need for reservations, and unlimited hopping.