Could be. If the Land Cruiser is the "no compromises" vehicle, it would seem like Toyota wouldn't want to sacrifice a few dollars on the engine. The 100lbs of weight savings might be part it.
The LC300 with the 1GR isn't a lot heavier than the 4Runner. So it may not be as bad as it seems since we're kinda thinking in terms of a 6k lb luxury wagon vs a 5k lb utility suv. I can't imagine how bad the 2.7L 4cyl 4Runner was. I've never seen one in person, but I believe they do exist.
Seals leaks are uncommon in the 1GR dual vvti. They don't seem to have the issues that the URs have with leaking. My UR has a seeping cam tower right now. The GR also doesn't have issues with timing chain tensioners, air pumps, water pumps, or other common issues that the URs have.
The tune and gearing Toyota uses is a big part of the issue with the GR in the BOF models. The 2GR in the Tacoma is terrible. But the same engine in an RX that weighs the same is great. The RX with the 6AT (same trans gear ratios as the Taco) comes with 4.40 diffs vs 3.91 in the Taco and the transmission tune in the RX seems to always be in the right gear, where the Tacoma always seems to be in the wrong gear. Adjusting for tires size the RX has the equivalent of a Tacoma with 4.56 diffs. I think if Toyota used similar tune and gearing on the Taco/4R with the 1GR/2GR they'd both be nicer to drive.
In fairness to Toyota - fuel economy is pretty important for touring suvs. More efficiency means more range and less fuel weight to haul. The GR is really impressive on trail mpg. In my side by side trips my 4Runner used between half and a third as much fuel as a LC80. It's probably around 1/4 of the fuel my FJ40 burns on the same trail miles. I've only ever been on a long offroad trip with a 4.7L anything once, and I don't know how it compared. The GR does really well under 2500 rpms. In countries where you're not driving high speeds, it probably is the right engine choice for most people. Most people in those markets are buying diesels as the other option. In comparison to the diesel options, the 1GR is going to feel powerful, smooth, and quiet (and get terrible L/100k).