Yes. It's either the sapphire glass itself, or the adhesive underneath. I know exactly what you are talking about. I've seen several watches with it.
Easier to see if you have polarized sunglasses.
For those saying no, you really need to get it at the right angle in the right lighting, when the screen is off. Bright sunlight around noonish is best.
Not sure if it affects how the watch looks when you have pics on. Sometimes I swear I see distortions. Sometimes I convince myself I am just being paranoid.
For regular watch faces, I don't notice anything.