For me, yes and no. While I'd take an original soundtrack anytime over a licensed one, I played a lot of games with great licensed soundtracks. I can recall a lot of Tony Hawk 3 soundtrack, FIFA games usually have great soundtracks, GTA has always featured a fantastic soundtrack (I remember the entire K-DST tracklist from San Andreas). Let's not even talk about Guitar Hero. Of course, you also have games with bad licensed soundtrack (Need For Speed Most Wanted).
For me it's not relative to if the soundtrack is licensed or not but to the ability of the studio to put up good songs








