Not really, just making the point that actually, it's not just about winning. How you win is also important, and once that point is accepted, it logically follows that the "taking part" obviously does have some significance, ergo losing a good game is (to what extent is dependent on your perspective) better than winning a poor game.
I'd argue that someone with a mental age of 5 is far more likely to dismiss phrases such as "its not the winning that counts, its the taking part" than someone with a fully developed adult brain who is able to understand that the world is rarely so black and white. That being said, personally I'd modify the phrase to be "its not just the winning that counts [...]"