Yes it does. And let me explain.
A Cadillac Escalade’s drag coefficient is around 0.36 for conventional Escalades, and the electric Escalade coefficient is reported to be 0.321.
F1 cars generally have much higher drag coefficients than normal road cars because their wings, exposed wheels, tires, suspension, cooling inlets, and surfaces are designed to generate huge downforce, not just minimize drag.
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NASA’s drag equation shows that reference area is part of total drag, so a huge Escalade can still push a lot of air even with a lower drag coefficient.
Drag = Cd × frontal area × air-speed effect
That's why a huge SUV can have a lower drag coefficient than an F1 car, while still pushing a lot of air because it is physically much larger.