Yes, very much so and in several different ways. Children's emotional responses are affected by parents' emotions. Parents getting upset or angry will cause a child to become upset or angry. Children from families where parents have a lot of conflict and anger become upset more readily when parents have any form of conflict. Whereas children from homes where conflict is not handled with a lot of hostility are much less prone to become upset when parents have conflict.
Children develop expectations about marital conflict from their past experience.
If children live in a home where issues get worked out in a reasonable way, they don't have fears about repercussions when their parents have disputes. On the other hand, in homes where conflicts escalate, children will have concerns and become more emotionally aroused when parents have even minor disagreements. How parents work out their conflict also relates to how children respond to stressful situations in other contexts outside the home or outside parents marital relationship. Children in a high-conflict family are more likely to become upset and distressed dealing with peers. For some children, sometimes this level of distress manifests itself as aggression and violence.