The short answer to this is, “No.”
It’s not that the standard HVAC air filter hurts your indoor air quality. In fact, it does help a little. However, it’s not doing much to protect your indoor air quality, because that is not its purpose.
The air filter that comes standard with your HVAC system is actually in place to protect the system itself. It’s placed on the intake side, where your HVAC system draws in air. This prevents the system from sucking in dirt, dust, and other debris that can build up on its components and do the system harm. While it’s a very important component, it won’t do a whole lot to protect or help your indoor air quality in a significant way.
What will, then? A whole-house air purification system.