I think this is absolutely correct. In particular, it gives you a socially acceptable (and externally validated) excuse to ignore many of other commitments in your life for three months so you can get your idea off the ground. It's a lot easier to tell your family that you're going to quit your job and hole up in a cave working on a crazy idea for 3 months if you can hand them a New York Times article on YC and explain that you are going to be a part of that thing they keep reading about.