Yes and no.
Depends on your usage of course. Take the Octaswitch by Carl Martin as an example - True Bypass but also programable buttons (i.e. button one includes your low gain drive, phaser and delay; button two switches to high gain drive and chorus, Button three is the same as two but with a boost and the delay; Button 4 is just the chorus; etc.)
You can't do that true bypass and program thing with a 3PDT easily, but with a relay you can.
Relay's can also be cheaper (eg: small bear's price for 3PDT versus DPDT relay), and they do give you real true bypass if used correctly.
Jacob