Not necessarily.
A very recent example of this is azerite traits and essences. Azerite traits were restricted by a reforge cost and essences you were able to change freely. Did that make azerite traits more "meaningful" than essences. No. Absolutely not. In my opinion.
Now the word "meaningful" is used a lot currently. This is of course a very subjective word. For some people it can be "meaningful" to look at a wall.
For me, restrictions are not meaningful if they are made simply for the sake of having restrictions. Azerite traits were not more meaningful than essences. Ion even said that the reforge cost was a mistake. Restrictions are only meaningful if they are placed in the right context. In my opinion. Otherwise it's simply a pointless. In my opinion.
Right now we can have 50 characters per account in WoW. Would the game be more meaningful if they made a restriction so we could only have 2 characters per account?