Yes it does, it influences how it divides/subdivides the beat. You can override the pattern as an advanced setting under the time signature in the time signature track in the main Cubase window.
It is also an option in Dorico, under the time signature you have control how it subdivides. In Dorico with your specific example I would not normally use this scenario and would normally use “force duration”, but that is not an option (yet) under Cubase Score Editor, you can try that pattern method. The only thing I would worry about is it potentially causing other parts happening at the same time to not be shown as you would want - so it might fix the problem but start showing your other parts wrong because it is a global setting. In Dorico there is less chance of this because you can have a local time signature that applies only to that staff but I think in Cubase there is just the single global signature.