Technically yes. Realistically no. There are more bends and curves in a side exhaust, but the power loss is minimal. You probably would lose 1hp for every 100hp that your motor makes, over a regular setup. 400hp car will never miss 4hp. If you like it, go for it. Look at the 2000 Cobra R. If it robbed that much power, the engineers wouldn't have done it.
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"There's more flawless engineering in a Camry than all the berlinettas Enzo ever conjured while lying next to mistresses." - John Phillips/Car and Driver

The swapped hatch hotness

Slow Five-Oh Rustang