Take $A = \left[\begin{array}{ccc}1 & 1 & -1\\\ 1 & 1 & 1 \\\ -1 & 1 & 1\end{array}\right]$ and $B = \left[\begin{array}{ccc}1 & 1 & 0\\\ 1 & 1 & 1 \\\ 0 & 1 & 1\end{array}\right]$. We have $\|A\|_2 = 2$ and $\|B\|_2 = 1 + \sqrt{2} > 2$. Thus, norm of a matrix can be smaller than norm of its banded matrix even for symmetric Toeplitz matrices. I suppose, that the same holds in infinite dimensional case.