Yes and no depends how you do it and it depends on what sort of car you drive.
I have a 1.8 ltr large family petrol car, I often drive at 30mph in 5th gear when on a level road but I do not try to accelarate or go up hill in 5th gear at that speed as that would make the mpg rocket up as you would need to put your foot down quite hard making the engine struggle and waste a lot of petrol I would drop to 4th or even 3rd which is more economical.
The most economical speed for my car is to do 45mph in 5th.
I get 39mpg overall.