Simple answer. No. More complicated answer follows.
When judging distance do it from the base of the tree. If it is 20 yards from the base of the tree to the target, it will be roughly 20.5 yards from 16 feet up. However when shooting across that 20.5 yards you are only crossing 20 yards of horizontal distance. So if you were to adjust and shoot for 20.5 yards you would hit high. At these short distances and low angles it will have basically no effect. But if you hunt the side of a hill where downhill from the tree is sharply lower the deer could be 30 yards from yourself in a straight line, while it is still only 20 yards horizontally. Gravity only effects the arrow over the horizontal distance. So if you mistakenly use the 30 yard straight line distance you will hit high. This is why they sell rangefinders with angle compensation.
If you do not have an angle compensating range finder, estimate your distance by looking straight out to a tree that your target is standing next to instead of down to the target. This will give the horizontal distance to the target.
For people shooting a vertical bow this can also happen due to poor form. Lowering the bow arm instead of bending at the waist changes the sight lines from the peep to the pins causing a higher shot. So even if they get the horizontal yardage correct, they may still hit high.