Yes @pfunk, yes it does but remember there are actually three votes that you can cast. The first is an up vote basically signalling to steem that you are impressed with the content and quality of the post and as such you are endorsing and promoting it.
The second is the flag, when you flag a post you are saying that you think the content and quality of the post is not acceptable and will objectivity erode the quality of Steem like spam or plagarism.
The last type of vote is a 'no vote' this vote which is the default for every post you don't engage with and says either you have not seen this post and cannot comment, you do not agree with the content and/or quality and cannot endorse it, etc.

I would argue that if you really are trying to improve the quality of Steem you do not use flags to signify disagreement with a point of view our even how that view is expressed, that is what the 'reply' function is for and if you are incensed than 'mute' that person. Remember not everybody will agreed with you and what goes around comes around.

A lot of us have come to Steem because we feel we are not being allowed to express ourselves on other platforms without censorship. When I see flags being used to attack people because you simply disagree with them I loose a little more faith in the platform, if you want to create an echo chamber I and I assume others will turn from contributor to speculator and syphon as much money out of the system as possible as that will be the platform's only value at that point.