It's been my experience (and DH's too) that it does. Give it a few rides and washes, and it should be lower-profile.
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I tried the same pair (washed) on a longer ride (19 mi). Chafed a bit. Better profile, though. I wore the other pair and ended up with a bit of pressure in places that I've never had pressure before, but no chafing. Weird. I'll give them a few more rides and washes. Keeping those rides short for right now, though!