Yes. Unlike software development, data science is not completely business agnostic and a fair amount of business understanding is required. For e.g. if you work with sales data, you need to be aware of seasonalities, purchasing patterns etc to understand the trends that you observe to discern between what is a true outlier and what is explainable.
What makes me cringe the most is to see flashy presentations with claims akin to 'Data Science will change your world'.For sure, it can and has been proven to automate decisions (think, credit scores), assist in decision-making (think, sales trends) and anomaly detection (think, security systems). I find so many data scientists that I interview are so hung up about the esoteric techniques they employ, often failing to even explain why was it useful or how it helped their businesses.
What has been transformational and path-breaking is the breaking of enterprise monopolies in this space (for e.g. SAS/IBM SPSS) and a variety of open-source frameworks have made it easy and convenient, apart from opening it up to software developers to build these skills. Important, though, to not lose of the sight that data science is at the sweet spot of expertise in domain, data and technology.