Yes it does. I have seen the files...
** POTENTIAL SPOILER*
There is an increased chance of aerial attack and increased chance of detection. There also seems to be an increased chance of an allied interception / air attack, but this is based on the files that I have looked at actually being connected to the game and not some random left over that is a red herring.
I haven't seen anything about wolf pack behaviour - I think it's air that's tied to contact reports, but if a U-Boat 'happens along' then it will engage (I believe).
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