I don't think so. In general actively using HP for curating does generate about 20% APR, but since these rewards are split 50/50 between curators and authors the return HP holder gets is half of that. Also, HP earns smaller interests as well even without actively using it.

However, we hold HP not for high short term returns, but much higher long term return. HBD won't go 2x, 5x, 10x or 20x. But Hive could and probably will.

In my opinion, actively using HP by HP owners within the network is what would contribute to the growth of the network and appreciation of underlying asset. Delegating away, leasing, or let it remain passive has the opposite effect. One leads towards more decentralization, another slows it down.

APR for HP will end up being much higher due to price appreciation. HP holders actually lose their share due to the overall Hive inflation. Inflation pays for the gears of the network to keep spinning, and pays for the network growth. In theory network growth should result in price appreciation.

One more thing, it is the HP holders who pay the HBD interest payments. :)