The primary selection criteria for choosing FM vs. AM is dynamic range

The primary selection criteria for choosing FM vs. AM is dynamic range

The primary reason for selecting FM over AM is the ability of FM to
support a greater dynamic range by spreading the information across a wide
range of frequencies, and using more 'horizontal information carrying
capacity'.
Trying to increase the dynamic range of an AM signal would require
impractical levels of power to be used to represent the same information
carrying capacity in a 'vertical' or amplitude modulated scenario?
Yay or nay.