Yes. For many reasons. For the plant, photoinhibition and slow growth rate--even cellular destruction are all very real possibilities.
Economically, just as well, using more light than you need is not only a waste, but someone's gotta pay for all that light. Why pay for an abundance of excesa doing you more harm than good?
Man to man, bro, I REALLY hope you aren't looking for a way to justify keeping your setup how it is. It's not being done properly. At best, you waste money and harm your plants simultaneously. At worst, your heat, light, and power signatures are going to give away your position. You really don't need all that extra light and heat, and you should view it as a good thing.