Personally, I think "yes", that it does hinder your gains(water) a tad, but you would lose it anyway.
I also think it is logical to contribute a lesser chance of stretching due to slower growth w/o the xtra water.
I think I gained more off of my first cycle 8 years ago when it was pyramids and 1/3 of todays dosages for 8 weeks, however when it's all said and done, I lost a good portion of the gains that were water. I believe my current cycle of 500Test/400EQ are more gradual with liquidex, but I will retain more when done. I started at about 175lbs, and I am 6-1. I am now 193 with NO, ZERO, ZIP, NADA noticeable water weight. Im starting week 7, and will do Fina weeks 8-12.