I used to think that but then I read a historian say the Japs search and rescue (SAR) effort to collect ditch pilots after midway was pretty successful. I do not know what to think now.
They didn’t lose very many pilots at Midway - what really hurt were the mechanics they lost with the flattops. Unlike the typical American boy who had a car or tractor at home, the average Japanese were not mechanically inclined.
Collecting “ditched” pilots is one thing.
What happens when the ship itself that they are on sinks?
Another problem they had is that after Midway, the Japanese built seven carriers; we built 70+.