Only if you're close to the limit. So presumably yes.
The cap is generally defined by the income left over once you take away anything related to sport activities (wages of players & staff, taxes and insurance expenditure, transfer amortisation, bonuses - in all sports sections of the club including basketball, handball, women etc). Real and Barca had broadly same budgets to spend, but Barca assumed return of fans to stadiums from December when doing their income prediction. Real on the other hand only assumed there'd be no need to do further wage cuts - did not expect fans to return all season.
La Liga also announced they'll be imposing penalties for breaching the cap - will subtract the amount gone over from next season allowance.