Sort of
Technically (or theoretically) speaking there should not be any degradation in sound quality because you are merging 2 data files.
However in real life, dependant on your software's mixing algorythms there could potentially be some loss in sound quality, particularly when submixing more than 8 or so tracks at a time.
However having said that, with the typical gear you would find in a homereccers analog studio it wouldn't be as noticable as say a cassette multitrack or 1/4" 8 trk.