Not generally. It's usually just there to counteract overconfidence bias. You want something that will never fail instead of something that will fail 1% of the time, because something that you think will never fail will only fail about 1% of the time, and something that you think will fail 1% of the time will fail around 10% of the time. It's much more than the apparent 1% advantage.

If you donate all your money to Deworm the World because you want a lot of good to still get done if SCI turns out to be a fraud, you're not being selfish. If you donate half you money because you personally want to be doing the good even if one of them is a fraud, then you're selfish.

I alluded to this with the sentence:

That makes sense if you care about how many lives you save, but not if you care about how many people die.