Not exactly. An impact (especially electric) is fast, hand is slow, doesn't heat the fastener and tightens slowly. Thousands of seized bolts every year from tire stores where the guys zip them on dry and fast with air guns. I spose if a guy has never used a wrench before this is likely. The only thing a torque wrench does is tell how hard a bolt turns, on a lightly lubed good thread this is fairly accurate, about as good as we got for common work but with a dry thread the clamping power is really unknown. I can hit them within about 5 pounds with an air gun, the object isn't to get it as tight as the gun will go, I usually am watching the socket rotation, its a rare day I use a torque wrench and have compared many against my installs with air gun.
Have seen some wheels come loose, usually as the result of hot tightening with air guns at tire type stores, they really didn't come loose, the nuts quit turning due to seizure, never did clamp the wheel properly. Alum wheels are another matter, they have their own set of issues and most of the problems there again with dry threads. As for warped rotors etc not an issue, most of any damage comes from over tightening and ruining the seat on the wheel, with the stud going thru a rotor to a hub has no effect on the rotor no matter how tight it is.
I find a lot of working mechanics still do not have a real concept of how bolt/nuts work, it should be one of the first basics in schools. John Deere tech manuals have a good primer book on fasteners that should be a must read for anyone in this field.