As a general rule, the answer is yes. But that general rule has an important caveat. If the game attempts to apply realistic armor to males (i.e. I think the same suit of armor, when worn on a male, would provide reasonable protection to vital organs in combat, or at least as much as could be expected given the type of material), but it gives females a skimpy version without explanation I tend to get annoyed.
Skyrim, for example, does it fairly well. The various light armor types tend to be variably revealing. The hide armor for example can be little more than a bikini but the same armor on a male is even less protective. That the armor is only slightly better than being naked helps because that is precisely the amount of protection I'd expect such a thing to provide: a bit better than nothing at all. By contrast, the heavy armors, though they tend to conform to the curves of the female form a bit more than I'd think reasonable to expect the blacksmiths of the era to mass produce, provides identical levels of coverage and protection. The gaps in armor on a female version of Iron armor are still there on the male version.
By contrast, World of Warcraft does it the wrong way. A suit of armor meant for a male tends to be bulky and silly in it's own way but the same piece worn on a female tends to be arbitrarily revealing. In a common example, a long robe for one might be a short skirt and halter top for the other.
I suppose what bugs me then is consistency. If two identical objects provide identical protection, I would expect identical coverage. The best constructed impenetrable boob shields in the world are of little use if you aren't hit in the 5% of your anatomy being protected.