For the most part this is the case, however I have seen some exceptions. In dynasty year 4, it was the second game of a Texas series I had scheduled. Texas on paper looked like they were going to kill me with their 99 OVR 82 SPD, 94 Pass Accuracy stud at QB. It turned out he threw 5 picks on the day. I have also seen that with a top UCLA QB in year 3. However for the most part, I get realistic results. The Heisman Trophy winning QB from USC demolished my secondary in the title game, however it just turns out my running game was better. If I did not have an elite defense I would have gotten killed (like I did when I faced USC a couple years before).
Overall, yes you do have to play a lot smarter. You have to realize as a QB what is going to be there and what isn't. And from my experience, a pass over 15 yards will not be there for you. I have to work the short to intermediate passing game to get anything going. QB Motivation is also important. Get your QB's confidence up and those slants and 10-20 yard passes become easier. On play action last year my first read was to Ted Ginn and see how they were playing him (if it was man coverage, it was a TD), now even if it is man coverage and my awesome WR has him beat by a step, the chances of the ball getting there how I want and the chance of the defender catching up make me reconsider and most likely go for the simple dumpoff to the FB in the flat or the TE for a good 8 yards. My pass protection to be blunt is horribe so that makes it harder, and even very frustratingly so. I haven't figured out really what I can do when my OL just decides that blocking isn't for them and don't even touch guys. However for just about everything in this game on heisman, it has taken me time to learn really what is going on, so maybe this will come in time. However I really feel that this game rewards you for playing smart but if you start trying to force that pass in there or try something risky it will usually come back at you.