not much but yes
if you have a really bad water block the water flow is poor and the heat removal is poor
if you have a really good water block - the heat flow fast from the cpu to the water interface. the water is dispersed in a good manner to allow fast heat removal to the water.
poor heat flow from the block
or poor water flow
can change the heat removal - the hotter the cpu the bigger the difference between a good one and a bad one
all water blocks are close by the main suppliers