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Yes. In several ways. Valve timing can increase or decrease the effective compression which changes the sound. An earlier opening exhaust valve event will make it louder as your hearing more of the combustion. A tighter LSA and more overlap will make it louder...
I changed the cams in my Harley that had about 20 deg earlier opening intake valve, and 16 deg earlier opening exhaust valve... and it is much louder now. Due to the increased compression from the intake opening sooner ,and with the exhaust valve opening so early, you really hear the exhaust bark.
The OEs won't use timing like that though because of emissions. They want all the combustion to occur in the chamber by using little overlap and late opening exhaust.
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