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In short "YES"
real estate appraisers normally determine the square footage of a home by measuring the exterior of the building. If a home has two floors, the appraiser may just calculate the living space as being twice the size of the ground floor's dimensions. If you have a two-story home with vaulted ceilings, you actually have less usable square footage than someone with an identically sized home that does not have vaulted ceilings. Nevertheless, appraisers typically do not deduct the square footage you sacrificed when you chose to install vaulted ceilings. This means that in terms of usable square footage, homes with vaulted ceilings normally cost more than homes without vaulted ceilings.
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