No, I would not conclude that. About all that you should think of ozone as accomplishing is making the water clearer (less yellow). It does that better than any other method or combination of methods, however.
I didn't alter my water changes when using ozone, and don't think ozone impacted most things that represent my rationale for water changes.
This is my rationale for water changes:
Water Changes in Reef Aquaria
http://reefkeeping.com/issues/2005-10/rhf/index.php
from it:
Conclusion
Water changes are a good way to help control certain processes that serve to drive reef aquarium water away from its starting purity. Some things build up in certain situations (organics, certain metals, sodium, chloride, nitrate, phosphate, sulfate, etc.), and some things become depleted (calcium, magnesium, alkalinity, strontium, silica, etc.). Water changes can serve to help correct these imbalances, and in some cases may be the best way to deal with them. Water changes of 15-30% per month (whether carried out once a month, daily or continuously) have been shown in the graphs above to be useful in moderating the drift of these different seawater components from starting levels. For most reef aquaria, I recommend such changes as good aquarium husbandry. In general, the more the better, if carried out appropriately, and if the new salt water is of appropriate quality.
So with that as the rationale, the only one of those that ozone might impact is organics, and while ozone does a much better job of removing yellow compounds than does a water change, it doesn't remove residual and potentially toxic organics the way a water change will.
