This is true, but it's also worth noting that smarter signals require a greater level of maintenance, partly in terms of equipment but mostly in terms of staff time for design and optimisation.
City Council's signals obsession has resulted in the signals department (ITS Operations) being stretch thinner than thin. In their mad rush to design and install the various signals and signal features (e.g. LPI) that Council requires them to, they don't have time to give any thought to the design of each individual signal. They just blindly copy/paste programs from other signals, resulting in many nonsensical situations.
Jackson Bourret has been documenting the stupidity of Toronto's traffic signals operations. Here's one example:
He submits these videos to the City as 311 requests, and thankfully the nonsensical operations typically
do subsequently get fixed, since the City is forced to actually think about the signal's operations to respond to his very specific requests. It is however concerning that we are depending on a member of the public to volunteer their own time to identify problematic signal operations rather than City staff.
In the Netherlands, part of the reason they can afford to have such intelligent signals, is that they have fewer of them. Signals are reserved for places where large volumes of traffic intersect, or moderate volumes intersect and there isn't room for a roundabout.
The entire country of the Netherlands (population 18 Million) has 5500 traffic signals. That's about the same as the number in the Greater Toronto Area (population 6 Million).