Quite simply, yes.
However, you can only improve your perform skill by 1 point per level (except when you can take feats such as Artist, Skill Focus: Perform and Epic Skill Focus: Perform, or invest attribute points in charisma). That makes it very unlikely you will get those +5 skillpoints per level, and so a bard with 50 points of perform will end up with a better bard song than the bard starting out with 30, once a few more levels are gained. In other words, there's no advantage at level 16, but a level 21 bard with 35 skillpoints does have a worse bardsong than a level 21 bard with 55 skillpoints.
The difference is not that great though, at +8 temporary hitpoints per ally. It becomes more significant when using the Curse Song, where it lets you deal an additional 8 damage per song to all enemies in the area.
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