Of course. Gifted students are sometimes failed by schools. But I think it's safe bet that a random large group of college grads will have a higher average IQ than adults who only finished high school. Don't you?
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Taking the average, that's probably true.
It's open for debate though, whether the effect of depression (and other mental disorders) could have just as much influence as IQ when it comes to educational attainment.
Both factors can play their own part (though they may be correlated with each other as well)
Have you heard of the https://en.wikipedia.org/wiki/Just-world_hypothesis? The idea that being really smart comes with major pitfalls most of the time is part of it IMO. I love the idea of the tortured genius, and really enjoyed Good Will Hunting. But by every study out there, having high IQ almost always leads to a better life across the board (relationships, physical health, mental health, money). There are exceptions, but some people are just smarter and that pays off in many ways. It's not fair, but neither is life.
Average quality of life is higher, but the variance may well be different also. Survivorship bias. Kind of like how senior leaders tend to have higher incidence of psychopathic traits than the general population, a trait which is also more common among the lowest-status individuals in our society (the prison population).