Agreed. It sends a signal that the particular job is low in your ranking. The thing to realize about the job market is that for the majority of institutions hiring, they need signals that you are gettable. Most place can't fly in a ton of candidates and can't make multiple offers simultaneously for one position. The market is like the game of musical chairs and hiring places don't want to be left with no one. So, yeah, it's better than nothing, but it drops the probability of landing that job considerably.