It does, I told my sensei when I started back I wasn't fussed about belts, skipping belts or working back through them but he said it would be better for me to be learning at the appropriate level
I'm 34 and used to practice shotokan about 20 years ago. Recently went back to it and have been training hard over the last couple of months and have just graded - sensi said he would grade me at the level he felt I was at due to my previous training (the muscle memory remembered a lot of the technique) So I've graded at green. A decent stepping stone on my way to black