No, it means it is less potent (needs a higher dose to reach same efficacy). Recall that potency refers to the x-axis and efficacy refers to the y-axis.
The LOW potency typical antipsychotics (chlorpromazine and thioridazine) more often cause non-neuro symptoms (anticholinergic, antihistaminic, etc)
The HIGH potency typical antipsychotics (haloperidol, trifluperazine, and fluphenazine) cause the EPS symptoms (dystonia, akathisia, bradykinesia, tardive dyskinesia).
So if you have a vignette about a guy with EPS following taking a drug and the question asks what drug is he taking you would choose haloperidol over chlorpromazine, but you would still choose chlorpromazine over risperidone, ziprasidone, clozapine, etc if haloperidol, trifluoperazine, or fluphenazine aren't there.