Simple math
Num iterations desired / user population = iterations per user per hour (IPUPH)
3600 / IPUPH = avg pacing per user to hit target (APPU2HT)
If APPu2HT is greater than the time required to satisfy your definition of transaction under load then the answer is yes.
If you are trying to represent the load of a larger user population with a smaller number of load users then you are on a fools errand. You my be able to unconver issues related to transactional volume but you will never uncover issues related to session resource allocation under load
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