Actually yes it is. It would save time and money.
If they take it down to only one language per region then they would have to make a new master copy for each language and market each differently.
To save time and money it would have been easier to just cut a few levels and be done with it. I am sure they also cut the same levels out of the PS3 version to make each version the same.
They will not be cutting any levels..
If anything they will make 2 master copies one thats multi 3 and another that's multi 2, company's have done this before.
And it makes it alot more easier then cutting levels and then re-working the story around them levels, and then testing again to make sure everything works ok..