No, retard causes too much heat to be generated and absorbed into the cooling system. To much advance causes too much localised heat within the combustion chamber causing melted pistons.

Retard causes the fuel to be burnt as the piston is already traveling down the bore. The energy conversion that takes place cant convert all the energy to kinetic energy as it's already on it's way down the bore so it's converted to heat energy instead which is absorbed uniformly into the bore wall.