No. In addition to browsers’ prefers-dark-mode setting, there is also the fallback foreground and background color choice, used whenever a website does not specify a foreground or background color. One common case is when viewing a plain unstyled site or txt file.
A dark-mode preferring user might choose for these fallbacks a light foreground and dark background. The problem is then that some designers will carelessly specify either the foreground or background color (and not both), assuming that their choice will happen to have good contrast with every user’s browser preferences.
More low contrast examples from the Statamic docs: