On an aggregate basis, maybe, but on an individual kevel, not necessarily.

A house might have things that uses more power but doesnt have to be running at peak hours. Examples i can think of are pool pumps and ev charging. Pool pumps need to stay on for 3-5 hours but doesnt matter really when exactly. Same for ev chargers. These "devices" use more in the day than everything else combined.

The peak period is when the highest demand is placed on the grid. In CA, this is typically summer evenings.

This sort of tariff would be ideal if you also have solar and/or a storage battery, as you can avoid paying the peak rate and take maximum advantage of the off-peak one.