It does if your application state happens to include TCP connections. When Windows wakes, prior to powering up the NIC hardware, it sends all applications a notice indicating that the network is down so everything kills their network connections. This happens on my hardwired desktop. It's one thing if the device can potentially be roaming and changing networks while the system is asleep. But for a wired network connection it's BS.
It’s what I mean. Losing the TCP session is more or less the only thing I care about with my vpn, ssh, and occasional cifs session. A dead putty window is 98% useless.