Not in the sense people usually mean that. We do overestimate the amount of our experience that is directly due to our senses though. The truth, as I understand it, is that we take in a small fraction of sensory data and hallucinate the rest.

What we fill in the gaps with is interpolation based on previous pattern recognition.

We also have to realize that most of our sensory inputs are not processed consciously. Our brains learn to filter out the noise and bring signal to our conscious attention.

What I think is going on with psychic experiences is combinations of filling in gaps (intuition) and reacting to subconscious sensory data.