Not necessarily true -- although I don't know of any languages which compile semantic constructs into e.g. function calls. That is, putting the inner braces of each execution path into their own functions. And by function, I mean, using CALLs instead of JMPs.
But the higher level semantics are much more valuable than the machine code that implements it, at least for average development. In this post-computational-abundance world, the programmers' bandwidth is the limiting factor. (Well, almost. One would hope. Of course, more computing power always means bigger and slower high level libraries, or scripting languages. So...)
And, that said, I would enjoy if assembler were designed with indentation in mind. Many (older?) assemblers won't even accept it -- they expect strict whitespacing. That makes it very hard to read and write structured code. Usually, big comment blocks are used.
Tim