Poorer in money? Sure. Not the frugality specifically, but the attitude that lends itself to the overall philosophy.
I could have/could still go get a corporate job, work 80 hours a week, and never retire; I'd probably die with tens of millions. Instead I own my own business, I work maybe 35 hours a week, and I get a lot of time to sip coffee and read on my balcony. Frugality helps that remain feasible: by keeping some control on lifestyle inflation, I don't need to grind and grind for more and more money, which, yes, means my lifetime earning potential is vastly lower.
On the other hand, though, forced frugality can be very motivating. My dad had six kids by the time he was 24 (he was Mormon at the time). The great job that supported his wife and the first two kids wasn't nearly enough by the time four, five, and six came, and he's spent decades as a (happy) workaholic, earning vastly more than others in his field who simply didn't need to put all of their time and energy into supporting large families. Even now he supports, to one degree or another, several adult members of the family, and that's always at the back of his head, pushing him to negotiate harder and earn more.