Wrong!
Cam not only extends the lift... (makes the valves go out farther)
It also extends the duration... (makes the valve stay open longer)
In fact the lift really isn't extended that much, it's more about holding the valves open a little longer to allow the engine more time to breath.
Longer valves would not close, thus there would be no compression, and it would not run. Not to mention they would likely hit the top of the cylinder and knock a hole in it.