Sorta yes but kinda the other way around — you’ll mostly notice in short high burst of I/O. This is mostly the case for people who use them to run remote mounted VM.
Nowadays all nvme have a cache on board (ddr3 memory is common), which is how they manage to keep up with high speed. However once you exhaust the cache speeds drop dramatically.
But your point is valid that very few people actually notice a difference
