Alexander Olshanskii has pointed out to me that Hanna Neumann [10] noted that varieties of Burnside groups of appropriate prime exponents give negative answers to this, and that another sort of counterexample is given in [11].
[10] Hanna Neumann, Varieties of groups, Springer-Verlag 1967 x+192 pp. MR0215899
[11] A. Yu. Olshanskii, Varieties in which all finite groups are abelian, Matem. Sbornik, 126 (1985) N.1, 59-82. MR0773429