It can, to be sure, and it's not ideal. But the perception that technical co-founders typically get gypped hard is very warranted. This is a thing where you can often still get a reasonably good result with a technical co-founder, not as good as were he solely focused on product/tech stuff, but enough that his individual outcome may be higher than letting the biz guys run it.

Obviously good biz guys somewhat mitigate this but finding those is easier said than done.

“Jack of all trades, master of none, is usually better than master of one”