In theory it (probably) does, but you will never keep the GPU for long enough for it to actually make a difference. More often than not modern tech outlives its relevance (e.g. it becomes obsolete due to the progression of the industry before it actually dies or malfunctions). If this would be your only reason to limit FPS, don't do so, as you would be wasting potential performance for nothing. There are other benefits to limiting FPS though, if you do it smart, for example frametime consistency which makes things look way smoother.