Yes, but had they planed to invade hawaii and use it as a forward base, they would have been able to draw strength away from other campaigns and use those troops to invade and occupy hawaii. Assuming they allow the carriers to stay there to help defend agains the inevitable american counter attack, with they help of land based planes, they MAY have sunk all the carriers, but more likely they would have sunk around half, causing the americans to draw back at the risk of loosing their remaining carrier force. The Japs may have hung onto hawaii untill early '43, maybe mid '43 if thing go well. that gives them 1 1/2 years to consolidate, build, and dig in for the following american attacks. IDK what a reasonable amount of troops to garrison the islands would be, but in my limited knowledge, 3 divisions seems good for Ohau, with an extra 2-3 for the rest of the islands. It seems like 60-70,000 troops wouldn't SEVERLY limit the Japanese's capacity to defend other areas.
That means if it takes the same ammount of time -4 months for the troops lost on hawaii, japan would loose in 1947. If you could go down in '45 or '47, which would you pick?