The short answer is adding a class directly to the element you want to style is indeed the most efficient way to target and style that Element. BUT, in real world scenarios it is so negligible that it is not an issue at all to worry about.
To quote Steve Ouders (CSS optimization expert) http://www.stevesouders.com/blog/2009/03/10/performance-impact-of-css-selectors/:
Based on tests I have the following hypothesis: For most web sites, the possible performance gains from optimizing CSS selectors will be small, and are not worth the costs.
Maintainability of code is much more important in real world scenarios. Since the underlying topic here is front-end performance; the real performance boosters for speedy page rendering are found in:
Source: http://stevesouders.com/docs/web20expo-20090402.ppt
So just to confirm, the answer is yes, example below is indeed faster but be aware of the bigger picture:
<div class="column">
<img class="custom-style" alt="appropriate alt text" />
</div>