Yes, but technology has moved on since then.

DC is not inefficient in itself, the problem is that high voltages are needed for transmission over significant distances to reduce resistance losses but low voltages are needed for domestic and similar use.
Until recently, there was no cheap and simple way to convert one DC voltage to another. Therefore DC had to be produced at low voltages suitable for domestic use, this limited the distance between power plant and consumer to a few miles.

AC by contrast can be generated at medium voltage such as 11,000 volts, and stepped up to very high voltages for transmission and then stepped down near the point of use. Transformers are relatively cheap and simple, have no moving parts, and are suitable for unattended operation.

To change one DC voltage to another, involved until fairly recently, costly and complicated rotating machinery.
Towards the end of the DC era, generation and transmission was usually AC with conversion to DC near the point of use.

DC service was still available in New York until only a few years ago.

These days, modern power electronics facilitate efficient conversion to/from DC and also from one DC voltage to another.
The equipment is however bulky, expensive and vulnerable to EMP.