I would say that self-control in gambling starts not even with money management, but with time management — specifically, how much time a person spends on gambling and whether they know when it's okay to play and when it’s better to stop and not start a new game. And this is exactly where the biggest issues with control arise. A person might be playing with small amounts they can afford to lose, but still spend too much time gambling — and that’s what leads to addiction and obsession.
Yes it can happen, but if you spend a lot of time managing the money you are willing to lose it doesn't matter , because I can spend 3 hours betting what I am willing to lose and I am having fun, in fact I can last a long time there and with controlled money it is more fun, but if we look at it from the point of view that the person gets used to those hours or that time of fun is the bad thing and if I see your point, then it can be said that if both the time and the money to spend are controlled, more optimal results could be obtained, thus avoiding addiction.