Yes it does. For example, model airplanes have much thicker wings than their full-size counterparts because air molecules remain the same size. As kurosen pointed out, the road (and it’s problems) remains the same size.) Finally, air resistance is a cube function, so it takes a tremendous amount of extra power to go faster than to go slower.

All that being the case, however, the scale still applies. But remember, 1/12 on-road cars go 60 mph in actual races. That’s why the concept of scale speed is so abstract that it doesn’t have any useful meaning.