Well, yes and no. If proper preparation is made for GMAW welding then it will be just as strong as any other welding method. But, proper preparation for GMAW welding is not the same as proper preparation for SMAW. GMAW on steel sections thicker then 3/8" require a double V groove and U grooves are required on sections thicker then 1". Also, the type of spray transfer also affects penetration.
If the typical short circuit type transfer is used then penetration will be less then ideal in larger sections. If a globular, pulsed spray, or spray types of transfer is used deep penetration can be achieved and amp levels of 400 DCEP is possible.
In the structutural and pipe fitting classes and testing I saw at Lincoln Electric, GMAW was perfectly acceptable and was tested for.