No, choosing a higher multiplier in Dice or Limbo does not increase the long-term expected value (EV) of the games.
Because of the fixed 1% House Edge, the expected value remains negative regardless of the multiplier chosen (on average, you will lose ~1% of your total bets over a very long period).
A higher multiplier only increases the variance of the outcome, leading to more volatile swings: you'll see larger wins, but they will be rarer, and you'll also experience longer or more frequent losing streaks.