Sure it does (at least, as much as any other "intellectual" field, like accounting or law). Do you want the guy who knows X (or 3 variants of X, each sequentially in fashion)? Or the guy who knows X, Y and Z?
The key is, no matter the age, to keep expanding your knowledge base.
Well, different intellectual fields have different experience curves.
Accounting, medicine, law all have much longer experience curves. Accounting also has significant barriers to entry (though not as high as medicine). Law has lower barriers to entry and you can see them facing a wave of unemployed lawyers and closing law schools right about now. Etc ...
The key is, no matter the age, to keep expanding your knowledge base.