That's not my experience on the reef. I have done night dives with everything from small LED flashlights to powerful 21 W HID can lights.
The only thing a dim light does for you on a night dive is make it more difficult to see things. When I use the powerful light, I see infintely more critters than I do with a dim light.
But maybe that's because of my advanced age....!
I did numerous night dives in Cozumel just a couple of weeks ago, and I tried a variety of new lights. The brighter the light, the more I saw. I've never seen critters flee from the light, dim or bright. In fact, the opposite is true, they are attracted to the lights. I spent about 15 minutes with an octopus who kept coming to my light. I kept having to back up to get his picture.
I would say that the only place I've been where a bright light didn't help was the Great Barrier Reef. The large fish there, such as the trevally, gobble up anything that is illuminated by your dive light. So I suppose a dimmer light will attract less attention from the trevally. But you won't see much regardless, everything gets eaten immediately by the bigger fish anyway.