Nope. With a 700 fill bag, give or take a couple ounces, you are looking at around 2 pounds. Keep it if you are happy with it. It is NOT a cold weather bag, but will work, for most of the country, into fall and start in spring.
WM is very true to temperature ratings, they go more by subjective (that means a LOT of testing) than the EN standard. It works. But, they charge a LOT for the quality. An equivalent bag is a 4″ loft at 1#8. This means it is well over a half pound lighter. Lighter down (like 850 fill) and lighter materials coupled with fussy manufacturing makes them a very good bag.
Now, there are ways to stretch a 40F bag into the mid 20’s. A set of mid weight long johns, dry wool socks, a down jacket, and a dry fleece will do it. This means you can leave your hiking cloths out to dry if you happen to be wet or sweaty (or both.) Don’t forget that this is UL trail travel. So, it happens often enough in the ADK’s, that I use everything in my pack in fall and winter to sleep fairly comfortably. I am sure you can do the same with a warmer bag. Corse, my bag weighs about 1#11 and is only 800 fill at 3.5″.
The newer quilts can easily hit about 20F at 1#2 to 1#6. But, you need a good pad. An Xlite usually will leave you a bit cold at lower limit due to edge bleeding and/or low R values. Often at those temps a second pad or another, warmer, pad is used. Some of the weight savings at the 20F limit is a false savings since you need to carry the weight in extra ground insulation, or, for hammock users, and extra under quilt.