No, that's too extreme. It has its uses- as adornment, detail, garnish, highlight. I don't grudge medieval angels and saints their haloes of gold leaf.
But it's so wrong as a material for sculpture. The way it throws light around, the way it shouts its colour. Texture, modelling and contour are obscured by all that surface noise.
The Greeks got it right- the metal you use for sculpture is bronze.
The Egyptian ruling classes had no taste. No spirituality, no inner life. Their art is about power and ownership- nothing else.
They thought they could take it with them.
Look at me in the Field of Reeds- throwing my weight around, flashing my gold.