Mass x Velocity
i'd say so.
if you could squirt out the propellent fast enough. but then you'd have to work out a way to squirt it out fast enough without using more energy to do it.
but i suppose if you burn less mass at a time but let it escape very very very fast, through the bottom of the rocket, it would acheive the same effect without wasting energy on building gigantic squirters
that is, you would need to also carry fuel for the gigantic squirters that spit out unburnt propellent. burning it is just so much more efficient...