Yes. Think about it, at the output of the effect is a pot and that value can change depending on the setting of the pot value.
It could be any value from a very low value (thus complete loading down your bypassed signal), to whatever value the pot might be.
At least if you bypass from the front of the effect, there's usually an input resistor to ground that sets the impedance of the circuit and it is constant.
This "loading down" is the whole reason why people started doing true bypass.