Nope, not true.

I was CO* for a period of time ending probably a year ago. I had a few international BF trips (mix of full and cheapo fares), probably a handful of domestic F transcons and another handful of shorter discount coach flights. Maybe my total spend was in the $25k range? Definitely not $40k.

Anyway, the only time I think it may have had an impact was when they held up the departure of my flight for a few minutes so maintenance could change the @:-) in my reading light after I mentioned to the FAs that it wasn't working. But I don't know for sure what possessed them to do that.