Yes. If you've ever driven in the mountains (think I-70 in Colorado), you'll notice a decrease in acceleration and "pick-up" in the higher elevations, unless you have a turbocharged Saab or something like that.
Or a Cummins turbo diesel.
I love taking the Dodge and the 182 to sea level. I'm always mildly surprised at how well they both perform. The truck accelerates better with the trailer on, and the takeoffs in the 182 are significantly shorter.
In the mountains with the 12,000 lb trailer I usually see 30+ lbs of boost on the truck computer and have to consciously think about not exceeding the 1350 EGT (well actually the computer will de-fuel at that point and alarm at 1250 which is where I set the alarm to get my foot out of it or downshift - but sometimes you're almost to the top of the hill and it's simpler to just acknowledge the alarm and stay in it for 20 more seconds) and the time limit on operation above 1100 EGT limit in the truck.
Search "Ike Challenge" on YouTube for videos of various trucks pulling various loads up the eastbound side of the climb up to the Eisenhower/Johnson tunnel(s) on YouTube to see what happens to "power" as you reach 12,000 MSL when towing heavy. They have recently switched to a dual-trailer setup with a gooseneck horse trailer pulling a utility trailer and both loaded with water tanks to hit 19,500 lbs, so they can actually give the modern turbo diesels a workout.
They also test half ton trucks with lighter trailers within their towing capacity legal limits.
They recently did a (controlled somewhat by Ford, the Ford rep demanded to ride along in the Ford truck adding 170 lbs to the cab against the other two where he wouldn't ride along) similar 7% grade test and filmed it pulling 12,500 lb 5th wheels -- and down near sea level the new 2015 Ford walked away from both the Chevy Duramax and the Dodge Cummins in timed tests, which makes me sad... Heh... Go Cummins!...
But Ford hasn't given them a test truck for the Ike Challenge yet. I think Ford knows something about their high altitude tuning or exhaust flow limits and they don't want the test done up here, yet. They'll all keep tuning and working on it.
The Duramax barely accelerated to the speed limit from the rolling 50 MPH start up the 7% grade in Virginia. The Cummins accelerated better. The Ford they had to get out of the foot feed to stay below the speed limit.
Mmm. Yummy horsepower and torque. Tasty.