Yes. I think it has to do with how Melodyne interprets the pitch and breaks it into blobs.
For example, if you split a blob into several segments you'll see these new blobs readjust to different pitches. Make some adjustments and then render. If you re-open that clip in Melodyne it will reanalyze the note pitches and the blobs well look different but the audio will sound the same. I see this all the time because when I edit in Melodyne I typically will split a blob into several pieces and make my corrections more surgical.
HTH
Paul
