Page Laubheimer explains that The 3-Click Rule for Navigation Is False:
The 3-click rule is a persistent, unofficial heuristic that says that no page should take more than 3 clicks (or taps on a touchscreen) to access. A variation pronounces that the most important information should take no more than 3 clicks to get to. […]
The big problem with the 3-click rule is that it has not been supported by data in any published studies to date. In fact, a study by Joshua Porter has debunked it; the study showed that user drop-off does not increase when the task involves more than 3 clicks, nor does satisfaction decrease. Limiting interaction cost is indeed important, but the picture is more complicated than simply counting clicks and having a rule of thumb for the maximum number allowed.
YES. I’ve been on this bandwagon for a long time. In 2013 I wrote in Don’t optimize for the fewest number of clicks:
Let’s get away from this idea that we should optimize for the fewest number of clicks and taps. Instead, we should optimize for an information architecture and visual hierarchy that makes the next step as obvious as possible.