It could, but remember that the original statement is not what is replicated, the resulting CRUD operations are (minus the R's) so blocking should be reduced.
Said another way, imagine you issue a MERGE statement that has a 5-table join in the source and a very complex WHEN MATCHED clause to determine when to update. The MERGE could take 10 seconds to complete and cause lots of blocking, but it may only update 3 rows. In this scenario only 3 UPDATE statements would be Replicated and they would have the Primary Key in the WHERE clause which, all things being reasonable, should complete in well under a second on the Subscribers.
There are no special teachers of virtue, because virtue is taught by the whole community. --Plato