It does. Getting your stomach good at that (and figuring out what food you can personally tolerate best) is a nontrivial part of training for longer ultramarathons.
Running out of fast carbohydrates is (at least in biking) called "bonking". You'll feel extremely tired, maybe be shaking, and feeling dizzy. It's a blood sugar dip: a very low and long dip. Your brain usually runs on sugar too, so you'll feel stupid and angry. Your body still has fat stores, so your body can keep running - but at a much lower effort intensity.