I think it might apply in one sense. If you're in a room and the most attractive people is a 6 or a 7 and maybe a 9 or a 10. You're more likely to have a conversation with the 6-7 range given you can tell if the other person is even interested and you have a limitation of choice, there might even be other things about the 9-10's that put you off. They seem more appealing, etc.
Go online, suddenly the pool is so large that you see dozens of 9-10's and swipe right on them, suddenly the 6-7s seem less attractive so you start swiping left when in a social setting you'd probably at least talk to them, you become more picky, and you end up getting fewer matches because the wealth of choice leads to you being pickier about physical attractiveness than you'd otherwise be IRL.
Go online, suddenly the pool is so large that you see dozens of 9-10's and swipe right on them, suddenly the 6-7s seem less attractive so you start swiping left when in a social setting you'd probably at least talk to them, you become more picky, and you end up getting fewer matches because the wealth of choice leads to you being pickier about physical attractiveness than you'd otherwise be IRL.