Definitely, but probably not as much as you think.
The factory dipping process for things like suspension components was not a tank full of paint--it was a tank full of water. A thin layer of paint was poured on top of the water, where it floated due to its lower density. By the time the part got through to the water, it was already coated in paint, so no ill effects. When the paint started to skin, they'd rake that layer off, add paint, and keep going. The same process was done for cosmoline.