yes if the battery is empty and if you are not quick enough to plug it into mains or have a spare battery around , but usually you need just to go online to let it update the time itself , so nothing to worry
the only worry might be if you have a near full battery and/or plugged into mains and the clock is changing regardless of charge , then its time to change this capacitor , but as you say it keeps the time in mind when the battery is full , so the capacitor still does its job
easy test for a dead pram capacitor is to shut down the powerbook with full battery (or ibook as they have the same cap inside )and restart it after 15 seconds , if its holding the time its fine if its losing it , then time to change the capacitor