Sometimes yes and sometimes no. Here’s the deal. The more sheen “shiny” a paint is, the easier it will be to take a wet rag and wipe off. However the more shiny it is, the more imperfections in the sheet rock and texture you will notice. Also shiny paint usually is not the best choice if you like to pull out a brush and do a touch up here and there. The wet sheen will not blend with the dry sheen and if there is any light on the touch up you will see a sheen spot.
Just because a paint is flat does not mean it’s cheap. The guts of a high quality flat paint can be much better than a junky semi-gloss. High quality flat paints will hold their color and sheen and will touch-up very well.
Recently, I went to a customer’s home in Frisco in which we completed a full interior job, 2-years previously. They were putting the house on the market and wanted freshen up the entire interior. They just assumed, like most, that the stored original paint wouldn’t match for a perfect touch-up. We pulled a can out of the garage, touched it up, and they were amazed that it blended right in. It saved them about $3,000. If the walls were originally painted in an eggshell or satin, they would have to repainted most of the walls.