Yes, but if you exported previously, your information is already out there. It just doesn't update. I don't believe the export tells sites to delete information each time, it just adds to existing information.
The well known queries from eq2wire (eq2u) are live calls to the Daybreak data base. If disabled for that character eq2u returns "Error Loading Character"
To make sure there wasn't some change, I tested it again.
I unequipped everything, camped out and ran the direct query which returned the correct results of wearing nothing.
Then l logged back on, and in the character screen options under eq2share disabled updates in eq2players.
I again logged out and ran the direct query which returned nothing as I expected it to do. Further, I attempted to get eq2u to give me a lookup and I got the expected error message and no data.
So, if the updates are working correctly, when you disable updates, a query against the Daybreak census will not return your information. I can't predict what might happen if something is amiss in the census update process within Daybreak.