No. In several disciplines, including public health, computer science, and evolutionary ecology and biology, one or more OA journals have impact factors that place them in the list of top 10 highest journal impact factors in those disciplines. (See Journal Citation Reports to find impact factors.)
Articles in OA journals that follow industry-set standards and guidelines are peer-reviewed through processes that match industry norms. Open access has to do with who has access to the work once it is published—not the process by which the work was evaluated or reviewed.