Yes and Google took it even further with Core Web Vitals to try and objectively measure the experience.

This meant you couldn't just throw a CDN in front of your site, because how it renders (and how slowly that happens) is now also taken into account.

A fast site can still get moved down the rankings if the user sees a white screen for 2 seconds, or even if the page loads but jiggles around as parts of it are replaced and adjusted as the images are added.