It can, and the cause is almost always an incomplete URL migration. When old URLs change without 301 redirects pointing to the new equivalents, ranking pages become 404s and drop out of search results within weeks. Build a redirect map with one row per old URL, sourced from your sitemap, a full site crawl, and Google Search Console, then test it on staging before launch. Expect a normal dip of 10 to 20 percent for two weeks while Google recrawls, followed by recovery.