Yes and no, if the price of fuel is not an issue then it makes sense but the two stroke cycle is not as efficient as a four stroke, ask anyone who has run a Scammell Crusader or a Bedford TM with a Detroit. Even with conventional cam driven poppet valves for the exhaust the Detroit was behind a four stroke.
I believe the emissions were mainly a problem caused by the excess oil in the bores needed to ensure the rings did not seize when passing the inlet ports, the Deltic locomotives were known for oil fires in the exhaust drum after a period of idling.