Yes, but reduce that logo down to 28 x 28px and put it in a favicon and it no longer works. Same if you have the logo in the header on a mobile phone - it's could be so small you can no longer read the words
So you may need a range of different logos to cover all device and printed media options.
Over 70% of all non-business browsing is now done on mobile phones. So things need to work on tiny screens.