Kind of.
Personally, the BBC has got to big and overexerted itself and become bloated. Radio 1, 2, 3, 4, 5Live, 1 extra, 4 extra, World service, Asian network and 6 Music. Do we really need all these stations? As there must be some cost saving to be had there.
World Service is a bit of an anomaly because it operates under a number of direct funding streams that can't be used for anything else anyway. It also feeds a huge amount of valuable expertise back into the BBCs wider news and current affairs work at, in real terms, little to no cost to the BBC.
Radios 1, 1Xtra, 2, 4, 4 Extra, 5 live, and 6 Music all get more listeners than any of their direct commercial competitors. The exception is Radio 3, but that won't get cut because of the demographic who do listen to it. All of these stations serve distinct, different audiences who have distinct and different requirements from a radio station.
Asian Network listening figures are always going to be low numerically because of the limited potential audience compared to other national stations, and it's a station of which I have limited to no knowledge, so I can't really comment.
On the wider point, BBC Radio - especially local radio - is run on a tiny, tiny budget at a time when commercial local radio is fast becoming an oxymoron. Station editors across the country are screaming for more resources so that they can do a better job. The gymastics and shenanigans that I saw colleagues in the North West and North East of England having to resort to in order to properly cover the Whaley Bridge incident a few weeks ago are proof of that.
The fact is that, unpopular though it may be, the BBC has never had to do more with less. Nor has it ever been subject to greater scrutiny, a stronger push for efficiency and economy, or received a higher number of complaints (which is not a coincidence).
It's fair to say that there will always be wastage to be found, and efficiencies to be made, in an organisation the BBCs size but, and I speak from recent first hand experience, there are very few, if any, more economies to be had before whole services have to be cut.