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Usually I think they are, yes, but I've found that even people who do buy hardbacks buy them reluctantly, just like you've assumed.
Unfortunately I just think it's a money thing. If publishers can get people to buy a £20+ hardback over a -£10 paperback, then they're going to do that and squeeze as much out of people as they can, I guess.Having said that - one of our most successful and steadiest selling book series are the Penguin clothbound classics, which you can pick up paperback copies of for peanuts but people can't get enough of the fancy ones - and to be fair they do look amazing on a shelf. So people will buy hardbacks gladly - if they're getting something good for their money.
PhilswitchEngage
If it's anything a bit niche I worry that it will never come out in paperback, so sometimes I buy it hardback but I'd rather not. I also think most people who buy a lot of books don't like hardback - so are first print hardback sales even a helpful predictor of sales? (I assumed that was part of their role but maybe entirely wrong on that.)