I hope not!
I am not a huge navy person by choice, since when it's a dark navy it's still draining. But, since it's a little better than black, and goes with my color palette, and is everywhere, I've acquired some items.
I'm echoing others above, that it's a business staple neutral, so that is year-round, not part of a "resort" or vacation-nautical-only palette. And I find it easy to "warm up" with rich autumn colors and textures (navy, camel and burgundy look great to me), or to lighten up with pale gray, white, pinks or mauves, and probably other pastels for those who wear them. So I'm not really looking to add heavy navy cold-weather items (it would not be my wool coat color, for example), it has proved useful as a seasonless and season-transition color. It's not hard for footwear, either, since I will wear black, if that's what I have, but also gray, dark red, and warm browns (cognac, camel).