Of course. But as Austerus notes, those in 24/7 relationships have far more complex negotiations that relate to long term D/s. The statement that one is too tired doesn't change the fact, let's say, that the submissive has given the power of that decision over to the dominant. One can't be 24/7 and then say "but only when I'm in the mood."
You are correct of course, you have the final right to revoke consent, but imo, doing so revokes the entire agreement and ends the 24/7 D/s relationship, perhaps allowing a new negotiation to take place or perhaps ending the D/s relationship all together. One would have to question the value of that particular 24/7 relationship if the dominant couldn't "read" the submissive well enough to know the seriousness of the "too tired" comment that they would force the submissive to revoke. There are all to many levels of tired... and I myself know that though I'm often too tired to go see friends, I'm never sorry that I dragged myself out to do so. So there's clearly tired and too tired, but even then, what does that mean? Too tired to even eat? You're going straight to bed? Or you just want to choose your mode of relaxing?
But if that's what you want, you shouldn't be 24/7.
And really now... who in the world is too tired for hot sex except when they actually want to exert control. (Okay, that may be a bit of hyperbole, but my point is that the submissive doesn't get to make the decision, except to revoke consent... and doing so isn't merely a "time out".)