Indeed. When the LED efficacy in Lumens/Watt starts to approach 300, the heat generation falls rapidly. All the energy is coming out as light. At that point you only have phosphor and encapsulant degradation due to high luminous flux. It will still degrade but the life could be measured in the many decades, not years, of continuous operation.
Peak efficacies of lab devices today are approaching 200 Lumens/Watt.