Nah, a steel shield will still survive more hits from an axe than a huscarl shield, whilst being near immune to hits from swords and such.
For example, a 1 handed axe (broad axe) kills a huscarl shield as fast as it kills a buckler (which has far less hitpoints than a steel shield). But a buckler will survive far more hits from swords than a huscarl, whilst probably dying to just a couple from a 2h axe (great axe).