Yes, the more blades the more cutting of tissue and less penetration.
But generally with todays bows penetration isn't an issue.

I used to shoot two blade heads for a long while years ago. I switched because of the lack of good blood trails. One thing about two blade heads is quite often the animal doesn't have much of a reaction to the hit, especially if the arrow doesn't hit bone.

But I like multiple blades especially whenI mess up and theshot isn't placed exactly right and I hit to far back.

Happy Hunting
Dan