Not if you're using it right. Activate the relevant app and then use Mission Control to quickly give you an overview of just the windows from that app only. You can map this to a trackpad gesture, a keyboard command, or a hot corner very easily.
Alternately, plan things out a bit and use multiple desktops dedicated to certain apps. Command-tab to the app you want and you'll be taken to the desktop with the windows relevant to that app. I work this way a lot. Illustrator windows in one desktop, a bunch of Finder windows in another, email and messaging on a desktop dedicated to communication stuff.
Any of this is a hell of a lot faster than manually shrinking down and expanding windows one by one into little floating toolbars like we used to be able to.