Yes, because OP_RETURN outputs are provably unspendable and thus do not enter the UTXO dataset at all. After all, the U in UTXO stands for "unspent", and if something cannot be spent, then it doesn't need to be in an "unspent" pool.

It still increases disk and bandwidth requirements though. Your node can't simply "forget" the OP_RETURN data, as that data is still required to verify the block header hash, and to serve the blockchain to other nodes during IBD.