Kind of. Fencing's strengths are it's base speed, which makes it good for hybrid templates and templates that are not using bandages, because you don't need to maintain 140 Dex you can have much lower Dex. Templates based on Feint, Leafblade sampires for example, it's more defensive than other variants. And PvP templates where stacking specials/effects it's more useful than pure DPS.
For PvM most people go for the highest base damage they can swing at the cap, which usually means Swords, also because of mastery's like Onslaught. Mace is good for Whirlwind templates (spawners - including things like Covetous) as an alternative.