Yes. And Nechayev was correct. IMO, the blood of everyone killed by the Borg after that incident is (at least in part) on Picard's hands.
It's exactly the same as MooreRon did in BSG with Helo making THE EXACT SAME CHOICE not to destroy the cylons when he could have.
It's bad writing - you don't give your characters the power to do the ABSOLUTE BEST THING that will solve the entire galaxy's problem and then DON'T LET THEM DO IT.
In reality, Picard should have been ordered to do it ina hearbeat.
It's unrealistic and, again, very bad writing.