I don't think that, but most MLB teams still think that. Salaries are still set by that pecking order on the free agent market and in arbitration.
I am not saying it should determine how they use him but I'm sure if you look back at the stories about him signing it was suggested he would be the #2 lefty after Alvarado (and he may still be that!). For sure his repertoire and ability to get more than 3 outs factored into his contract as well, but that still didn't get him as much as Kimbrel (and Soto only makes less because he's still controlled/younger). At the time he signed he was Hand's replacement, and Hand was our #2 lefty last year, while Knebel and Familia both got paid more than they deserved based on the #s in their "Save" column.
IMO Falter would do well financially to pursue being a LH reliever, though he's so bad against RHP he might not be able be a multi-inning guy in higher leverage.