I would think so, although I really am not sure what actually does happen.
I do know of people that were still issued a pass whilst having a criminal record for drink driving, but they were already in the employ of the airline and this was when the CRC was introduced. How the process has evolved over the years I cannot say.
I would imagine that you will get a lot of varying responses on this thread over the next couple of days.
What I would say though; is that if you have lied about it on an application form and then come clean you won't get the job. If all of you have done is say that you are willing to have a CRC then speak to your prospective employer when you apply for the check. I would do it in person. Make an appointment to speak to someone and be open and honest.
Watch your thread closely then make up your own mind how to go about dealing with it.
6