In some instances, yes.
If you have a good organic ranking and good organic traffic, branded campaigns can steal your organic traffic. The way to subvert this is to bid very low ($0.05 per click) so it's not costly.
**But, the pros far outweigh the cons: **
First, running a branded campaign protects your brands from competitors.
The first four spots on the Google search engine results page are all Google Ads listings. So, competitors who bid on your name can show as the first listing.
And because the highest you can rank organically is #5 on the page, all your organic traffic in this case would end up seeing your competitors first.
Let’s keep in mind that the #1 spot on Google has an average 20% click-through rate. So, competitors who bid on your name can be detrimental to your brand.
Suffice to say, you should always want to be #1 on Google for your brand name.
Next, running a branded campaign gives us the ability to see what keyword a user searched to get to your site (before leaving and coming back to search your brand name next).
This allows us to bid efficiently on keywords that introduce your brand to the masses, and also brings them back to the site to convert.