Not necessarily. The cone filter could end up giving slightly less horsepower than the panel filter. The reason being that it's sucking in hot, less dense air from the engine bay whereas a panel filter in the original air box is always drawing in colder, more dense air from the outside. For a cone filter to work properly, the intake system has to be modified correctly to supply it with fresh air. Also, for any performance air filter to make a noticeable gain, it should be coupled with a performance exhaust system, working on the principle of more air into the engine, more air out. And i mean a proper performance exhaust system, manifold, high flow catalytic converter and silencers, not just a back box or a fancy tail piece.
But yes, I agree with the above that the panel filter is probably your best option unless you're building a high performance engine. When taken care of properly with the correct soap and oil as per manufacturers instruction, it will last a lot longer than a standard air filter