It does.
I'm sad enough to have done a lot of A-B testing between the DAC/AMPs on PS5 and all the Creative Sound Blasters I've owned are all impacted; SBX G6, GC7 and X1. The GC7 when used with 'Smart Volume' can mitigate the issue but it's still there. Ultimately you're using more amplification on the headphone so for some that isn't even going to be heard. But when I tested the G6 on my DT 770 Pros (250 ohms) the G6 had to run in high gain (vs low for the same vol on PC) and did sound slightly 'grainy' as a result. I also find the Sound Blaster X1 (AKM 4377 chip) to be quite clean although it is definitely more 'tinny', with more apparent treble when compared to PC use. I don't know if this is an impact of UAC 1.0 vs 2.0 but it doesn't do this when used with a Switch, which is a cleaner output with no volume issues.
The S.M.S.L. C200 (when I owned it) also has the same issue. The Fiio K11 got very close in volume but tbh I need to retest as it was quickly hooked up when I first bought it. The Qudelix 5K 'host volume override' feature works. Albeit you have to reboot the device every time if you're been using it for UAC2 mode or something for music. Which can be annoying. Also interestingly they removed the term 'host volume override' from their latest version of their mobile app and just called it 'USB Mode' with 3 options Normal, PS5 or Switch.
The other area where I am unsure if there is any correlation is whether there is an impact on microphones used over the same USB connection for audio. The G6 is seemingly impacted when comparing the quality of the microphone on PS5 vs PC. Which makes me wonder if PS5 mic input is improved where it uses its own USB port (i.e. GC7 when used with Optical from the TV or HDMI splitter). The Gynnr will be able to use it's own power brick, USB C and optical inputs but will likely be limited to using one input at a time, so it won't have the trick up it's sleeve of being able to route the microphone over USB whilst playing audio via optical (something the G6 and GC7 can do). That *might* also impact microphone quality with the Gynnr with PS5. Particularly when compare to using with PC. Again it may be unlikely anyone tests to this level of detail, or if the microphone quality being likely perceived (rather than measured) as 'good enough'.
My experience is that it is harder to notice this with easier to drive headphones that have less demanding ohm ratings or higher sensitivity (SPL).