absolutely true. But the question may not be so much a question of efficiency, but of flexibility. You can produce hydrogen with algae. You can split it using electricity from any of a variety of sources (coal, gas, oil, nuclear, solar, hydro, wind). You can also strip it off hydrocarbons.
I do not believe that hydrogen is necessarily the answer. But if you can get hydrogen power to be reasonably cost-competitive, you remove dependence upon a single source of energy (oil).
Whether or not hydrogen has significant advantages to pure electric is still questionable, in my opinion....
Does your statement apply to a hydrogen fuel cell?
If so count me as a doubter of the laws of physics.