Yes and Yes.
Yes, HP is good, generally, for mainline freight. The more HP/ton, the sooner you get to destination. However, the more HP/ton, the greater your fuel consumption… So, assuming the goal is to move stuff from A to B as quickly as possible rather than at least cost, more HP is desirable.
Now, in the real world of railroading, there is a trade-off between performance and cost. Therefore, they are always looking for the right balance between performance and cost and maintenance and fuel are two of them.
When deciding what model locomotive to buy, RRs have two peformance issues, Tractive effort and HP. If they purchase the right ratio of these, they will have locomotives that will take their max tonnage up the railroad’s ruling grade with out overpowering the train in terms of HP/ton.
The SD45 lost out to the SD40 in this regard because it didn’t have any more max TE, and that extra 600 HP just wasn’t needed to maintain required freight schedules. All it did was burn more fuel (higher HP/ton).
Now, if you are a shortline and you need to make one round trip a day with a max track speed of 25 mph, say, you really don’t need much HP - just enough to get you out and back in a day. You do need enough TE to get you up the hills w/o stalling, though, so the extra 1000 HP of a GP40 over a GP38 is just wasted.
On the maintenance side of things - fewer parts is better. This applies to the number of parts in each locomotive AND the number of locomotives. e.g. 3 C40s can replace 4 SD40 w.r.t HP and TE. For a shortline, getting rid of the turbo is a big deal. It is very prone to failure from a multitude of causes and costs a bundle to rebuilt and install - particularly on EMDs. So, generally, de-turboing is a good idea.