Absolutely, let's call it a negative correlation rather than mutual exclusion. I do not even think the sleeping accounts are a problem as of now. Most top HBD holders either have large HP or are known whale alts. The sentiment seems to go towards introducing the problem, though.
Being bad at pricing is more dangerous than being bad at marketing.
@theycallmedan makes a great point in CTT Podcast that once you can convince someone HBD is no scam, offering 12.5% APR generates the same level of enthusiasm (towards opening Hive account and using the network) as offering 20% APR. My only criticism is that same probably goes for offering 7% APR.
It is cool to make the users feel they can hold excess HBD beyond what they need during the next week/month. OTOH, do we seriously need them to park their life savings here atm? What's the benefit of that over a casual user?