Yes. In dungeons at least, half of the melee that use limit break use it at the very end of bosses life, and I mean really end. Many of them don't even manage to get the skills cast go off before the other three members actually kill it.
And on longer fights, not using it when it's ready (unless it is saved for a specific phase, like at Chrysalis, for the meteor), means that you won't get another limit break which could be possible otherwise (even if one-bar one).