I would say no, in most cases. It completely depends on your business model and industry and the currently level of competition. Google just launched Adwords Express+ and this will drive everyone’s cost even higher over time in local ads. So, if you have a solid organic strategy in place compared to churn and burn, I think your organic side exponentially grows where as the only way to grow PPC is to spend more.
The key is to stop looking at rankings as the purpose of your SEO work and just expect it as an outcome of good outreach. If you do a guest post, it’s not just a link; it could be reaching a community of potential customers that aren’t searching for you yet, but will become a brand search later. Referral traffic goes up, you get some great links, and the outcome is better long-term rankings. But the point was to reach the audience on the site and the link is just a bonus. When done properly in a local market, this approach will be the trump card.
Additionally, I think that most businesses can benefit greatly by doing both organic local search and PPC. The key here is to setup your tracking and analytics properly, in order to determine what your cost per lead and cost per sale is. The better you understand your numbers as a business owner the more advanced you can get with your online marketing.