Yes. The better your components, the more of the design effort and materials go in to the power supply. Power management uses the heaviest components... hence the heavier the component typically the better is sounds. This is why with the very highest end components the power supply on a component like a preamp is separated from the amplification circuitry completely... in a two box solution. A few of the very best components I have heard have been battery powered, completely removing it from the power grid while playing.
Having said that, no matter how good my components get, power conditioning has provided further improvement.