I believe yes, when you approach a woman you automatically show that you want her therefore she want you less, thats why I strongly believe that cold approachers are effective only when you are 1 or 2 level above her.
The only way to avoid such phenomenon is social circle contact when you can make your move without directly approaching the girl therefore playing in a fair field without any handicap.
Keep in mind also that we guys consider us winner after we bang the chick, they consider the deal closed when they have you put any effort and validate their ego.
A girl which leads you at the club untill you ask for her number or invite her to your place only to have her refure and leave alone,actually pumped and dumped you in chicks term.
So I believe cold approach is effective only when you're above the girl you approach or when she already likes you before you do it.
When its her to approach you means that she likes you really much, for girls in uncommon to break their ego barrier or social rules, at that point you have so much credit that you need to be a professional sucker to screw it.
The center of a woman dating is ego, sex drive is marginal..the exact opposite of us where ego plays a role but its the desire to bang which motivate us.
Also approaching girls was a sign of confidence 20 yrs ago when few guys went for it, now its just a stepping stone for the creep label if done uncorrectly.
Keep in mind that dozens and dozens of guys hit on fat/ugly chicks every night.