No, not at all.
I did some experiments with knife placement last year. I tried deploying and stowing the knife in different places, and I tried cutting 2" webbing and nylon line topside.
I tried the standard seahunt, (inside calf) and lost the knife the second dive. I didn't regret it. In a drysuit and 5mm gloves it was difficult to deploy and almost impossible to replace in the sheath. I also realized I was poking a knife tip around the leg of my $1000.00 drysuit. Not too comforting a thought, even with a blunt tip knife.
I tried a waist band sheath on a BPW harness and had the same problem. It was easier to deploy, but hard to replace without risking the drysuit.
I mounted a 4 inch blade about 6 inches from the end of the HP hose. When I don't need the knife it's parked under my left arm, with the SPG clipped of to my left D ring. When I need the knife, I unclip the SPG, raise the knife to where I can see it, deploy and replace in a comfortable line of sight. It would take some serious careless chopping to cut the hose.
I also carry a Dive Rite Z knife that's held in a small sheath attached to the strap of my wrist mounted computer. THis is very easy to access and replace. It also cuts through 2" webbing easily. Try cutting webbing with a cheap dive knife and let me know how it works.
Try some different configurations in the water with your regular gear and let us know what works.