Yes, it is true at all speed and under all conditions. The system simply does not have the mass that would give it a great deal of gravitational potential energy, and it reaches a power equilibrium with the air at low speeds. Example:
100kg rider at 15 kph = .24W-h kinetic energy. At this speed there is probably roughly 11N of air and rolling resistance, so the steady state power is about 3W-h per km. If you go 1km between stops, or more, the amount you can expect to gain by regeneration is extremely small. It could perhaps extend your range by 5%, generously.