With the big bore revolvers it sure can. The gun is already moving under recoil before the bullet exits the barrel and the substantial increase in recoil (and it is substantial) causes the higher point of impact as the barrel is angled up a bit more. I've certainly never noticed nearly as much difference with semi-autos in the standard duty calibers.
Yep, one of the dynamics of revolver recoil demonstrated there.
Semiautos generally also have a much lower bore axis than comparable revolvers, plus the slide coming rearward tends to spread out the duration of the recoil, also tending to lower the point of impact a bit more than comparable revolvers.