I suspect that is correct. There just isn't that much available energy to recover in most bike stops. The point about brake pad wear however is more relevant than you might expect. Bike brakes can be surprisingly expensive and on my e-bike I went through a full set in only 700 miles.

Of course there is the minor problem that the hub was mounted in the rear wheel so it's only good for gentle to moderate braking, but thankfully that is the vast majority of what you do.