Without a doubt, yes. There are few cases in which a local market feels comfortable in a foreign language (for example, an English website in the Dutch market). As a general rule, users navigate better in their local language, and any marketing action should be executed in that language to be effective.
For example, if you launch a social media ad campaign to reach Spanish-speakers in Argentina and when they click on your Spanish-language ad you take them to your English-language corporate website or to a non-localized landing page, the user perceives that what you have shown in the ad is not what you offer on the landing page, and this can cause a negative impression.