Lux... no.
This is how it works without a wall of text. The chance of failing all 100 times with a 97% failure rate is 0.97^100. This is equivalent to 0.0476 or 4.76% chance. The chance of failing 10 times with the same rate of failure is 0.97^10 which equals 0.7374 or 73.74%. You have a lower chance of failure with more repetitions.
Yes in the end everyone will have the same rate of drop after massive amounts of runs, but you will not gain more equipment per day only running 10 times than a person who will run 100 times. It's the same proportional loss no matter what. You succeed 3% of the time and lose 97%.