Yes, but by this era, once the title escheats back to the King, he can strip the lands out of it and retain them . So the fact that John Duke of Bedford was a great magnate doesn't mean that a future Duke of Bedford will get those lands.
Social convention dictated that the King should not award an empty title, it was considered dihonourable for a peer to be too poor to maintain the dignity of his title,. But, on the other hand, a noble,e specially a Duke was expected to live a grand life style. It would be easy (and happened quite often) for the King to grant a title to someone who ended up being impoverished by it.
Of course, if the King really liked you he could grant you a title and vast acres to go with it. But there was a lot of competition for those grants, not least from the King himself. He had expenses of his own,and needed landholding himself. Hence, rich heiresses were very attractive . Even ugly ones.