As I typed it I felt in my bones that someone was going to come along with an example of someone doing exactly that. I kinda hope someone does, I've looked into homegrown silicon and it looks... very difficult and expensive.
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To answer your question: no, I don't think that. I know there are some areas of computing where having a deep understanding of the entire system is critical, like embedded systems. I mean, that necessity of deep understanding doesn't have to apply to every domain of computing, and creating abstractions is a useful way of dividing the work so we can make more complicated systems than one person could if they needed to understand every part.