Not necessarily.I'm okay with play, a folding knife is mechanical and as such needs to have a certain amount of tolerance to allow the moving parts to, move --- now there's a difference between play and drunk swaying however
-Horizontal play: if the knife has ball bearings you can squeeze the pivot screw and adjust for no play but the knife will stil open and close without a problem.
-Vertical play because of space between the pivot and blade hole (hole diameter is larger then pivot diameter): You can feel this play when the knife is half open. But if the knife has liner lock it will push the blade in front when you open it and there will be no vertical play.