No, not to increase profit, nothing else. GY welting may have increased speed, and changed a number of other parameters (fewer workers, less expensive leather), and increased profit for the factory owners, but the goals have shifted compared to HW shoes. The goals have shifted and therefore efficiency hasn't increased at all, because whatever the product now is (the GW shoe) it hasn't recreated by a more efficient (less energy-consuming) method the original one (the HW shoe). Energy is expensive to come by, and nature uses it as sparingly as possible.
If you understand profit...understand that it is not just a golden egg magically laid by the golden goose ...efficiency really is about profit. As much or moreso than any other factor. Because profit is the end-result of an equation that involves time, energy, and resources. Add them up and you get profit.
Time, energy, resources are the fundamental components of efficiency. All other things being equal, maximizing the utility of any one of those three components tends to increase or maximize profit. Less time expended, more profit. Less energy expended, more profit. Less or cheaper raw materials, more profit. Time+energy+resources=profit.
You can jigger the equation all you want but 2+2+2 will never equal 11.