Sure it does, venture funding comes with investors seeking to make a large return in a specific timeframe. If they were entirely self-funded, they could slowly ramp revenue streams and build on a sustainable base.
Getting a large influx of funding forces a company to search for faster growth to justify the valuation and deliver projected future growth. In 2017, Medium laid-off 1/3 of their workforce because their advertising model wasn't working [1]. The implication is that they hired a bunch of people to sell something that nobody wanted. A self-funded company, would have likely never hired those people in the first place. That company would be on firmer footing now, but would have gotten less HN/TechCrunch coverage in the process.
[1] https://www.forbes.com/sites/mattdrange/2017/01/04/medium-la...
