Yes, I think so, also see this thread: Interesting video of VO2master during Billat 30/30 workout
AFAIK, the 30/30s from Madame Billat were designed as VO2max workouts for runners, not cyclists. No idea why they are so popular among cyclists, but maybe because they give us the feeling we are working hard while we are in fact not.
If you want to elicit VO2max with on/off type intervals, you have to go 40/20 or 30/15, which I heard often referred to as Ronnestad intervals: Optimizing Interval Training at Power Output Associated With Peak Oxygen Uptake in Well-Trained Cyclists - PubMed