to some extent, yes. it's a silly way to size a frame, but i did sell one of the nicest bikes i've ever ridden because of lack of standover room. everything else fit beautifully, i just got sick of busting my nuts on the top tube.

when straddling the bike while wearing shoes, if you have zero space between your crotch and the top tube, get a smaller frame.

don't be afraid of using a stem with rise or a few headset spacers (though i agree that excess of either looks silly and should be corrected by riding a different frame size/geometry).