Yes, and the effect is gross weight dependent. Another hole in the cheese.
Aside from the aerodynamics, was the Mallard sequence in the display planned, documented and reviewed by a Display Committee ? A circuit, landing and takeoff sounds a simple thing compared to other's formations and aeros in the box, but in hindsight it would seem not. Were his two previous descents below 500' attempts to land or just part of the show, and if the former was there a Coordinator on the ground with a radio to tell him to go home when it became obvious (on the last downwind leg) that things were getting out of hand in terms of turn radius v. box boundary ?
Things like that are ultimately going to be ATSB questions relating to CASA oversight of air displays.