In my opinion, yes. I'm not sure that it's a linear decline (i.e., will a player at 95% be 5% less effective, I'm not sure and it would be too much of a hassle to collect enough data for me to really care) but I think people will agree that fatigue affects performance.
Different from what you asked, but some people believe in-game fatigue is an issue for pitchers and will keep pitch counts lower to maximize good innings from fresher arms.
10.2.3