I believe it does not, because you're connecting to Nintendo's servers when going through the Wii Shop Channel. On non-hacked Wii consoles, they're all going to have the latest IOS and Shop Channel version. Connecting to Nintendo's servers is basically sending them a message whether you have the latest Shop Channel / IOS or not. Older Shop Channels won't be able to connect to the server as they are replaced by the newer versions as they are released, which is why they ask you to perform a system update to obtain the latest versions.