people might say yes, but the answer is no in my opinion,. I can tel lthe difference between my daedric armor with armor points enchanted, and my daedric armor enchanted with magic enchantments. hits that are scratches with armor enchantments lower my hp bar, where before it wouldnt even lower, as it was so low of a hit.
With my daedric armor enchancted up, dragons did very little damage, now, i'm having to be a tad more cautios as their flying shots, are doing damage and bar lowering.
The fire and frost attacks by dragons count as non-physical attacks and increasing fire and frost resistance helps rather than your armor rating, which only protects against physical attacks.
There is no mentioning of a cap with regards to fire, frost, shock and poison resistance. There is however, according to UESP Wiki, a cap of 85% for magic resistance. I have not tested it and magical resistance seems to be hard to increase in general.
I use a self-made potion to give me fire and frost resistance for 60 seconds and I use it for fighting elder and ancient dragons. At my skill and with my perks can I brew one with 95% frost and fire resistance. No more bother from above.