It does represent efficiency, but for most efficiency ain't hugely important is easier to generally build a larger less efficient engine to hit your power and rpm goals.
It not necessarily important in making hp but it's important to where that hp is made rpm wise, In highly competitive race classes with rule restrictions it becomes very important but for most of us if you in the 1.17-1.27+ tq:cid range with a fully built engine your doing ok and your build is above that you can give yourself a nice pat on the back :)