It's complicated. In The Graysonian Ethic, I have a chapter called "Failure is an option", and come to roughly 3 major conclusions:

1. failure is an option, and it sucks. No matter how smart you are, no matter how talented you are, no matter what your fundamental aptitude, if you do not put in the work you will fail.

2. Sometimes failure is an option through no fault of your own and you have to figure out what you are going to do about it.

3. Failure is an option. Sometimes it is an option worth taking, if failing today means winning tomorrow. It is very important that you are making a conscious decision to fail rather than just allowing it to happen using strategy as an excuse for not trying.