The formula for effective information management is a little more nuanced than that. Survival in the real world often requires the ability to block out distractions and focus on what really matters at the moment.
When you are being chased by a lion, the only information that matters at that time is information that helps you escape. This is not the time to stop and look at a billboard ad for sneakers that help you run like the wind. While you may wish you had those sneakers, that distraction is not useful at this moment. The key at this point is focus and not data accumulation.
However, in non-crisis situations, data accumulation is usually considered a good thing. More information makes us smarter. While this is true in theory, information is only helpful if you are able to use it in a way that gives you some advantage at some point. However, the problem with information is just the sheer volume of it especially as it evolved over time. Information is not static. What was true in one circumstance at one moment in time may not be true in another similar instance in the future.
It is great to build up a knowledge base that you can draw on, but the human brain is the ultimate information filter. It can only process a finite amount of information at a time. The same is true of even the most powerful computers. They are only processing a fraction of the available data at the time working with all kinds of human simplifications and assumptions built in. It is no wonder that so many simulations and forecasts turn out wrong.
The answer is not more information and more distractions, the counter intuitive solution is to allow more time to focus.