Yes, it sure seems that way. Sometimes I think that Krause Publishing picks up a copy of some "Banknotes of Country X" book or catalogue, and then simply updates their catalogue based on that. Not saying there is anything wrong with doing that, but it sure does make for a lot of additions. Of course, books featuring banknotes of a single country normally have to inflate variations by complicating everything and adding multiple variations of specimens, remainders, etc. I am not a big fan of complications, and personally I prefer not to have banknote listings broken down by silly stuff such as signatures and series numbers, unless there is a special circumstance. If we removed everything but confirmed regular issues off of this site, we'd be down to probably 20,000 banknotes, and maybe even less.
By the way, I had a little work spurt, and so managed to get everything done up to and including Saudi Arabia in the General Issues Catalogue (2016).