Yes. It is very possible that the horse had plenty left in the tank for a quick return. I think the worry is that horses can usually sense when they are outclassed. Especially in Grade 1's. And, did the rider back off because the horse dropped the bit and quit in that last race or did the rider make that decision and the horse obliged. You can usually tell in the reruns but not every time. Most customers will probably have difficulty seeing that though. It can be very subtle and I cannot tell every time either. ( Look at my avatar. See the outside horse? He had dropped the bit about 5 seconds before that picture was taken. He ranged up, they looked eye to eye, and my horse had more and said see ya. The outside horse gave up at that point. See the reigns lose and the rider just about ready to recross the reigns. THAT is what dropping the bit can look like. See my horses reigns tight and the rider sitting there working with the horse. My horse has the bit grabbed and in the back of his mouth. The horse has responded and the rider is in sync with the horses stride. No stick needed when that happens.)
I can see why you would take a flyer on him with the trouble at the start of his last race. I did not see the race but if he showed even less this time with no real early trouble, the horse knew he was over matched even if the trainer did not or the owner wouldn't admit it. If so, when they line up in the gate they look around and think "uh, oh. That happens this time of year when trying to get to the Derby. People get stars in their eyes. That is usually followed with egg on their face. Lol.
I do think the horse might deserve one more look if placed in a more reasonable spot next time. If he finds himself against horses where he fits, he might show a full effort at a price. Keep an eye on him JBEX. Lets follow this guy one more race.