Not when there's load (like for speaker cables). Turns out shielding only matters for signal cables (which means analog ones unless your digital cable gets so long that it would have real signal loss)

https://www.tomshardware.com/speakers/in-a-blind-test-audiophiles-couldnt-tell-the-difference-between-audio-signals-sent-through-copper-wire-a-banana-or-wet-mud-the-mud-should-sound-perfectly-awful-but-it-doesnt-notes-the-experiment-creator