Not true, the more you increase your HP the more important it becomes to increase your resist.
Looking at the match between LastOfTheWilds and Rovolution if Last of the Wilds had used a protection module he would have saved a total of 468 HP which is far better than having the 315HP from the max plate.
In a 3Vs3 he takes 14 shots total before losing a mech. If he had taken the resist in this he would have got an extra 546 HP making a difference of 231 HP to using the plate. This could have soaked up another shot and allowed his 1st mech to survive longer.