Unfortunately, that's not the case. When olive oil is adulterated with oils that have lower smoke points, and that adulterated oil is then used under heat, for cooking, the adulterant oils can break down and yield toxic compounds (e.g., aldehydes and hydroperoxids). [1]
EDIT: Also, as noted by a sibling comment, the Ω3:Ω6 ratios for some of the adulterant oils can be wildly different from olive oil, in sub-optimal, or even deleterious ways.
EDIT 2: And what about food allergies? Suppose someone with a hazelnut allergy buys hazelnut oil-adulterated olive oil (they're fairly similar in terms of fatty acid contents, so it's a somewhat common adulterant). Still think it doesn't make a difference?
(Also edited for tone.)
[1] http://www.sciencedaily.com/releases/2005/06/050617065306.ht...