Yes. Something is going to limit algae growth, whether a chemical or light or space competition, or something else, but if a tank has high levels of all of those things, the level where phosphate is the limiting factor will rise.
Do I think typical reef tank algae grow faster in a reef tank at 1 ppm than at 0.5 ppm phosphate? I expect not. That is so far above where they have evolved to get phosphate, and where they have been seen to thrive, that I wouldn’t expect it to be limiting.
If one looks at the effect of concentration on transport uptake ability, such as a phosphate uptake transporter, the curve typically follows something called Michaelis-Mention kinetics, and looks like this, where uptake rises as the concentration rises, and then levels off as the concentration continues to rise. The relative boost to uptake diminishes as concentration gets a lot higher than where the transporter normally shows decent activity. It never gets above 100 in the graph, no matter how high the phosphate gets.
https://www.physiologyweb.com/calculators/michaelis_menten_equation_interactive_graph.html