Of course in the very broad sense it does, but fundamentally on a day-to-day basis when writing or editing a story, does it really matter?
I agree that it can act as a great motivational marker for some, however, since I have moved away from counting the number of words I write, I have noticed the time I spend writing has increased.
This may just be personal preference. Some may work better with a word count where as others may not. I just feel that providing your goal is to write and you achieve that very simple, but sometimes very hard goal, then the number of words written is irrelevant and will come naturally.
After all, it is about quality, not quantity.