That is approximately why C4 photosynthesis hasn't swept the field and replaced C3 entirely: it's an advantage in high-light, dry conditions, whereas in wet, dark conditions, the more efficient use of ATP in C3 fixation provides a comparative advantage.

FWIW I'm quite bullish on the type of research in the Fine Article; humans have the ability to provide choice conditions to our crops, and so we can maximize yield without (much) concern for the tradeoffs experienced in the state of nature.

I'd predict, for example, that we'll have a C4 rice crop out of the lab and in the field in ten years or less.