Yes, it most soitenly does.

I've recently had the action on all of my guitars raised because I'm picking more agressively than I used to (and used to have the action set very low.) But the more aggressive picking was creating lots of buzzes, and I'm now getting more into flatpicking end of things as well, and I find low action just doesn't cut it for flat picking. I have them all set to a nice compromised setting ideal for fingerpicking with single string runs as well as for flatpicking.

It is not unusual for a guitar to require a couple of set ups a year, depending on climatic/seasonal weather temperatures. (Lower climatic humidity and the top/bridge will sink a little - lowering the action; higher climatic humidity and the top/bridge will swell/rise a little raising the action.) Some people let the climate determine their guitar setups, but adjustments done by a qualified luthier can keep the intonation in check as well, which is important.

Best thing to control and keep consistent humidity is to use a "Damp-It" (or humidifier of choice) both inside the guitar body and in the case under the neck when storing. (Use the damp-its only when you're running your furnace. In the summer you can still leave them in the guitar and case as they will soak up excess humidity a little.