Yes, it does.
VW did tests many years ago concerning this.
They found that the fewer cylinders that are plumbed into a pipe, the easier it is for the ear to pick up each individual "pop" of the exhaust.
The ease to distinguish each cylinder popping off is what gives the illusion of a "loud" exhaust, or at least one with a "sharp" report.
You hear, "pop, pop, pop...", instead of "poppoppoppoppoppoppop...".
It's the same trick of the brain that makes movie film look like actual movement, when projected on a screen.
Just like all those pictures on the film strip running by so fast that the brain can't process each one individually, the same goes for the report from each cylinder.
If you jam them all together in one pipe, the brain can't process each cylinder individually, so it hears it as one long drone.
...another thing you could do (not sure it will work with your truck, though) is to bend the end of the tailpipe down at 45 degrees so the report is directed at the ground.
Then what you hear is what is known as a reflected signal.
The reflected sound has less energy to it, so it seems quieter. Also, most of the squelch is removed from a signal when you bounce it off something first, so the sound is interpreted as more "pleasant" than hearing it straight from the source.
Anyway, I'm starting to ramble, so I'll stop for this post. Hope all that makes sense.
Feel free to ask anymore questions if you have any.
Dean