Yes and no.
Not all errors are equal, and while many are obvious, plenty more are borderline judgment calls. If one of these errors is ruled a hit, did the fielder still give an extra out or not?
Not to mention, errors are only awarded if the player touches the ball. There are a huge number of defensive miscues when no one touches the ball. And worse yet, since someone had to touch a ball to be charged with an error, the system actually rewards players with less range. How on earth oohs that a good system?