In this context, no it's not. One thing that Code Jam does differently (and imho better) is that they give you an input set and you have 8 minutes (or so) to upload the solution. This is expected to give more than enough space for language speed variance. Instead of execution time, coding time is much more precious in such competitions, and Micro-optimizing has it's place, but it's usually not in a programming compet…
Unfortunately, in such competitions you'll be competing against people who write C++ algos faster than normal people writing Python.