Sort of. The circus also generates (some) gold as I recall. And faith does not stay at 300 cost for those things, it will likely increase to generate more happiness from pagodas later in the game as it escalates per era. I think we're agreed it does translate into other yields though and I don't see a problem with it being potentially less efficient at doing so (but potentially broader when it does). As mitsho suggested, this is a fairly minor point.