I think it does. Even on a last-ditch gun that you just stuffed into your pocket because you're running somewhere you should have the ability to reload in case your five or six shots are spent or you have a malfunction. That European mag release is a joke. It was put there to build a gun cheaper.
Seecamp Senior was a master gunsmith with German Training, and so a European Catch is what he was familiar with.
I believe the European Catch was decided more to keep it small than as a money-saving measure.
Honestly, if you think you're going to need more than six shots, you probably should be carrying a larger piece. IMHO.