I'd have to say yes it does but I'm not sure at what point if any it no longer makes a difference. Think about if you had no tube at all. The bubbles would automatically disperse into the tank. With the tube on the filter, the bubbles stay constrained and it is the bubbles moving up the tube that take the water with them pulling more water through the filter. Now what I'm not sure of is how much difference there is between having a 8" or 12" or 16" tube. I'm sure there's someone out there that can quantify it.
Kirk