it does, you definitely "feel" the change. I actually have to do some digging to figure that out, I unfortunately do not have my childhood GBA anymore so I have to rely on audio clips to make that call
Don't forget to factor in the Gameboy speaker in your listening of those audio clips. That's a major factor that will change how these waveforms sound very significantly. Those clips, and the classic sounds of chiptunes, are never "just" the sound coming off the DAC.