No: it is to give WRs a chance in traffic and to let the really skilled ones stand out.
How often do NFL CBs get burned on deep fly patterns? Not often (and if they do, they tend to recover). You HAVE to pick your spot and your receiver has to have the advantage on the DB (i.e. exploit mis-matches). Your best bet at hitting a deep one is on a PA pass when your ground game is clicking.
When throwing deep fly patterns, I find that leading your receiver with the stick and holding L2 helps a bit.